Israel and Vietnam Seal Transformative Free Trade Agreement
November 03, 2024
11:42 AM
Reading time: 3 minutes
In a move that has implications beyond economics, Israel and Vietnam have signed a groundbreaking free trade agreement set to take effect this November. Announced by the government on Thursday, this accord aims to simplify and invigorate trade across a large spectrum of industries, including electronics, vehicles, medical devices, fresh produce, and food products.
Israeli Economy Minister Nir Barkat declared that, "The trade agreement with Vietnam represents a significant step forward for the Israeli economy, marking another milestone in Israel’s cooperation with leading global economies."
Even before this agreement comes into effect, trade between Israel and Vietnam has seen impressive growth. In 2023, bilateral trade surged by 21%, reaching approximately $1.3 billion. The new agreement is poised to unlock even greater opportunities, enabling Israeli companies to strengthen their presence in Vietnam's dynamic market. This expansion holds the promise of creating new jobs and fueling economic advancement in both countries.
Roey Fisher, Director of the Foreign Trade Administration, emphasized the strategic importance of the pact: "This agreement reflects our commitment to expanding Israeli export options worldwide. Southeast Asian markets, particularly Vietnam, are stable, reliable, and growing destinations for Israel. We will continue creating competitive advantages for Israeli industry in these regions."
Officials in both countries have expressed hope that this agreement is just the beginning of an expanded partnership between Israel and Vietnam, which will soon include cultural exchanges, mutually beneficial innovation and educational collaborations and more.
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