Chief negotiator behind the Vietnam-Japan Economic Partnership Agreement (VJEPA), Phan The Rue believes the agreement will offer businesses in both countries many benefits.

A ceremony was held in Hanoi on December 30, 2008, to announce that the agreement had been signed, although it will not come into effect until July.

Speaking in Ho Chi Minh City earlier this week, Mr Rue said that 94.5% of Vietnam’s exports and 87.6% of Japan’s exports will be exempt from duties in the next ten years. "The agreement is a significant economic and political event," he said.

The agreement will be extremely beneficial to a number of Vietnamese sectors including the leathergoods, footwear sectors, apparel and chemicals sectors.

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