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Vietnam and Japan sign trade pact
Auto parts could be sent to Vietnam for assembly under the deal
Japan and Vietnam have signed a trade deal to cut tariffs on about 90% of the goods and services traded between them.
It was signed by Japanese Foreign Minister Hirofumi Nakasone and Vietnam's trade minister, Vu Huy Hoang.
The agreement will enable Vietnam to get duty free access to the Japanese market for shrimp, durian and okra among other marine and farm products.
Japan will be able to send auto parts, steel and electronic goods duty free to Vietnam for assembly.
"The agreement will strengthen the mutually beneficial economic collaboration between our two countries by facilitating freer flows of goods, services and investments," the two ministers said in a joint statement.
The agreement allows for freer bilateral trade than a wider trade agreement between Japan and the whole of the Association of Southeast Asian Nations, which includes Vietnam, Japanese officials said.
It is likely to be ratified in time to come into effect next year but could take up to 10 years to implement fully, they said.
Japan's Kyodo news agency said this was Japan's tenth signed free trade agreement but Vietnam's first two-way trade agreement.
Auto parts could be sent to Vietnam for assembly under the deal
Japan and Vietnam have signed a trade deal to cut tariffs on about 90% of the goods and services traded between them.
It was signed by Japanese Foreign Minister Hirofumi Nakasone and Vietnam's trade minister, Vu Huy Hoang.
The agreement will enable Vietnam to get duty free access to the Japanese market for shrimp, durian and okra among other marine and farm products.
Japan will be able to send auto parts, steel and electronic goods duty free to Vietnam for assembly.
"The agreement will strengthen the mutually beneficial economic collaboration between our two countries by facilitating freer flows of goods, services and investments," the two ministers said in a joint statement.
The agreement allows for freer bilateral trade than a wider trade agreement between Japan and the whole of the Association of Southeast Asian Nations, which includes Vietnam, Japanese officials said.
It is likely to be ratified in time to come into effect next year but could take up to 10 years to implement fully, they said.
Japan's Kyodo news agency said this was Japan's tenth signed free trade agreement but Vietnam's first two-way trade agreement.
(BBC: Vietnam and Japan sign trade pact)