Promoting free and open trade and investment

Promote the importance of a strong, rules-based multilateral trading system to our region

Vietnam and Australia will continue to discuss and promote the importance of a strong, rules-based multilateral trading system to our region, including to assist in economic recovery from the pandemic. Adhering to the WTO rules is an obligation of all WTO Members. Promoting WTO reform in the lead up to MC12 and beyond underlines our commitment to the system.

Australia and Vietnam will continue dialogue at ministerial and senior officials’ levels on ways our region can press for positive and meaningful results in the WTO negotiations and on WTO reform at MC12 — such as: Appellate Body reform, agricultural reform with a focus on domestic support, fisheries subsidies negotiations, plurilateral negotiations, gender equality and women’s economic empowerment outcomes and WTO transparency ⎯ among others. Vietnam and Australia will also establish a dialogue and exchanges on policy and practices related to trade remedies (including anti-dumping, countervailing duties, and global safeguards).

Implement free trade agreements commitments

Vietnam and Australia will cooperate to effectively implement the commitments of the CPTPP Agreement including encouraging ratification by the four remaining signatories and expand the membership through a robust and transparent accession process. Both countries will support, and coordinate to ensure the success of CPTPP Commission meetings, including when Australia and Vietnam assume the Chair in 2025 and 2026, respectively.

Building on the success of the Agreement Establishing ASEAN-Australia-New Zealand Free Trade Area (AANZFTA), Vietnam and Australia will cooperate to upgrade the AANZFTA in a mutually beneficial manner, within the agreed timeframe, so it remains modern, high quality, relevant to business, and strengthens regional supply chains, and supports long term post pandemic recovery.

Vietnam and Australia will cooperate to ensure entry into force and implementation of RCEP commitments.

Our countries will cooperate closely to support our businesses to effectively utilise the benefits of AANZFTA, CPTPP and RCEP. Further, both countries will make their best efforts to resolve any issue that may arise in the implementation of the agreements to facilitate trade and maximise the benefits of the agreements, as well as to reduce trade barriers (including non-tariff barriers) that might result in negative impacts on bilateral trade.

Australia and Vietnam will continue economic cooperation to facilitate investment, including through activities that strengthen capacity and implementation of international trade agreements (such as AANZFTA, CPTPP and RCEP) and improve relationships with foreign investors.

Our countries will deepen economic cooperation in ASEAN-led mechanisms, including the East Asia Summit, as well as APEC, and other forums, to promote outcomes which enhance regional economic integration including in the Mekong and Indo-Pacific regions more broadly.

Both countries remain committed to a peaceful, stable, open, inclusive, and prosperous region with respect for international law, sovereign rights, and jurisdiction as provided in the 1982 United Nations Convention on the Law of the Sea.