Agreement on Free Trade between Vietnam and Israel

On August 25, Minister of Economy and Industry Nir Barkat announced that Israel and Vietnam have signed a free trade agreement. This agreement is Israel's first free trade agreement with ASEAN members, which stands for the Association of Southeast Asian Nations.

Israeli Prime Minister Benjamin Netanyahu was present at the signing ceremony of this agreement. According to him, the collaboration between Vietnam's thriving economy and Israel's economic power will open the way for a bright and prosperous future. Barkat and his Vietnamese partner Nguyen Hong Dien, in the presence of Deputy Prime Minister of Vietnam Tran Luu Quang, signed this agreement.

This deal is expected to reduce the mutual tariff on the import and export of goods between the two nations, boosting their economy. Furthermore, it will also ease trade in various sectors, including services, investments, and standardization.

Additionally, this agreement will make it easier for Israeli traders to operate in the growing Vietnamese market, providing them a competitive advantage. As a result, it is expected to boost Israeli exports and promote economic growth in both countries.

Nations will engage in trade activities, exchanging various products with one another. Such products may include chemicals, electronics, medical equipment, chemical industry equipment, agricultural products, and electrical and mechanical industry products. Currently, Israel has also begun to import electric vehicles that are manufactured in Vietnam.

According to Procurement Resource, Vietnam and Israel have signed a free trade agreement in the presence of the Israeli Prime Minister and Deputy Prime Minister of Vietnam. This deal is expected to provide trade opportunities between the nations, which will boost the economy of both countries.