Free trade pacts offer opportunities

Free trade pacts offer opportunities

Enterprises need to develop a better understanding of the advantages and challenges offered by free trade agreements to expand export markets and boost their domestic competitiveness, the director of the Trade Promotion Agency's export support centre, Le Xuan Duong, said at a conference here on Wednesday.

In addition to providing access to export markets with lower tariffs and the elimination of technical barriers, free trade agreements also increase the competition faced by companies from a greater influx of foreign goods into the local market, said Duong.

"It's important that enterprises be well aware of the challenges and opportunities to actively map out their own strategies to penetrate and expand export markets," he said.

Many domestic enterprises have already taken advantage of free trade agreements to successfully boost exports, said Tran Ba Cuong from the Ministry of Industry and Trade's Department of Multilateral Trade Policy.

But many others lacked a proper understanding, he said, noting that many enterprises were unprepared to deal with technical, safety and hygiene standards imposed by these agreements.

Cuong said that enterprises can access information online at www.nciec.gov.vn and www.moit.gov.vn, including information on trading partners, technical barriers and quarantine regulations, as well as contacts in relevant ministries and organisations.

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