Illustrative image (Photo: VNA) Hanoi (VNA) – The European Commission (EC) onOctober 17 submitted for approval a free trade agreement (FTA) with Vietnam,the first comprehensive open market deal between the EU and a developing Asiancountry.
Agreements on trade and investment between the EU and Vietnam will needapproval from the bloc’s 28 members and from the European Parliament (EP).
The trade deal would eliminate 99 percent of all tariffs, although some staged overa time period and some limited by quotas.
Vietnam, for example, would cut its duty on EU car imports from 78 percent tozero over 10 years and for wines and spirits, from around 50 percent, overseven years. EU companies would also be able to bid for Vietnamese publiccontracts.
In return, the EU would take seven years to eliminate its duties on certainVietnamese products, such as its major textiles, clothing and footwear exports.
Vietnam has pledged to protect 169 European food and drinks products, such aschampagne or Parmigiano Reggiano cheese.
The agreement includes a chapter on sustainable development, such asimplementing international standards on labour rights and the Paris climateaccord.-VNA
VNA
