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Vietnam, Cuba to remove over 90 tariffs

Xinhua, September 1, 2016 Adjust font size:

The second round of talks on a new Vietnam-Cuba free trade agreement (FTA) concluded Thursday in Vietnam's capital Hanoi after four working days, announced Vietnam's Ministry of Industry and Trade (MoIT).

The two sides agreed on texts of the agreement and got closer to each other while discussing offers of tariff preferences.

According to the latest offer, over 90 tariffs of two countries, which cover some 99 percent of Vietnam-Cuba trade, will be removed immediately and cut down following a road map, said the MoIT on its website.

The two sides also reached a consensus on holding the next negotiation round in Cuba's capital Havana in the first quarter of 2017.

In 2015, Vietnam-Cuba trade revenue hit around 235 million U.S. dollars. Vietnam mainly exported food, rice, cereal, confectionery, footwear, pottery, construction materials, coal, garment, chemicals to Cuba while importing pharmaceutical products and functional foods from Cuba. Endit