EU PUBLISHES EU-VIETNAM FREE TRADE AGREEMENT

According to the usual procedure, the text will now be subject to a legal review to verify its consistency and ensure that all the provisions are formulated in a legally-sound way. It will then be translated into all EU languages as well as into Vietnamese before being signed and ratified by both parties.

“This is a very ambitious agreement that will further strengthen our already very solid bilateral relations,” said head of the EU Delegation to Vietnam, Ambassador Bruno Angelet.

According to Angelet, once in force, the FTA will be mutually beneficial for both sides. Vietnam will consolidate permanent market access to the largest economy in the world and one of its most important trading partners, the European Union.

“I am extremely pleased by the seriousness and high commitment shown by Vietnam to these negotiations. In this respect, we are ready to support Vietnam to ensure it can reap the benefits of the FTA. As outlined in the Press Statement by the President of the European Commission Jean-Claude Juncker, President of the European Council Donald Tusk and Prime Minister of Vietnam Nguyen Tan Dung of December 2015, we will now start working together with the Vietnamese authorities to define a roadmap to prepare for implementation,” said Angelet.

The EVFTA reflects Vietnam’s deep commitment in pursuing trade opening and its transition towards a more competitive and sustainable economy. It includes the elimination of almost all tariffs for goods originating from Vietnam after seven years. There are also commitments in services, public procurement, non-tariff barriers, export duties and a regulatory package.

After Singapore, Vietnam is the second ASEAN partner which has concluded an FTA with the EU and it could offer a good model for the rest of the ASEAN countries.

The EU is Vietnam's largest export market (together with the US) and its second biggest trade partner. Exports to the EU have tripled over the last five years, representing $30.9 billion in 2015 whereas imports accounted for $10.3 billion. In 2015, the EU became Vietnam’s third largest investor, climbing up from the sixth position the previous year. The EU believes that the implementation of the EVFTA will boost the bilateral trade flows and promote further EU investment in line with the sustainable development goals included in the FTA.

Source: VIR

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