Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the hearing (Source: VNA) Brussels (VNA) - The European Parliament(EP)'s Committee on International Trade (INTA) on October 10held an opening hearing on the Free Trade Agreement (FTA) and the InvestmentProtection Agreement (IPA) between Vietnam and the European Union (EU).
Addressing the event, Head of the Vietnamese delegation to the hearing DeputyMinister of Industry and Trade Tran Quoc Khanh said Vietnam isintegrating into the world as it has joinedmany international conventions and has trade partnerships with many countries.
Amid increasing protectionism, Vietnam firmly supports multilateral relationsbased on consistent principles, he stressed.
While confirming Vietnam and the EU are bigpartners, Khanh said the EU has supported Vietnam in promoting development and reducingpoverty, and that the two sides are moving towards a more comprehensiverelationship.
He noted the benefits brought by the agreements, from boosting trade exchangeand fostering investment of European countries into various spheres, to helpingVietnam improve its standards to conform with international ones.
Helena König, Chief Negotiator and Deputy Director General forEuropean Trade highlighted the importance of FTA and IPA between the EU andVietnam, and affirmed Vietnam's attractiveness, with its growing economicstrength and a market of 95 million people.
As Vietnam has signed many FTAs with partners across the world, König said the EU-Vietnam FTA (EVFTA) will help Europeanbusinesses enhance competitiveness in Vietnam.
The IPA will help protect European investors doing businessin Vietnam, she said, adding Vietnam's commitments will better protectlabourers' rights, protect the environment and promote sustainable development.
At the event, many speakers mentioned the benefits brought by the agreements andexpected Vietnam's ratification of a new Labour Law in 2019 will serve as a legalbasis for the ratification of the three fundamental conventions of theInternational Labour Organization (ILO) in the future, contributing to enhancingglobal integration capacity.
They said EVFTA is a good opportunity to expand EU-Vietnam cooperation inforest and environment protection, as well as increase export opportunities forgreen products.
In an interview with a Vietnam News Agency correspondent, Chairman of the European Chamber of Commerce (EuroCham)Nicolas Audier said the hearing was satisfactory as the two sides delivered clearmessages.
He noted Vietnam has made spectacular progress in manyfields, especially socio-economic development over the last 30 years.
Under the roadmap, the EC will send a dossier to the European Council to askfor authorisation to sign the EVFTA.
After signing, the agreement will be submitted to the European Parliament (EP) forapproval. The EP can adopt the agreement ahead of the new Europeanparliamentary elections scheduled for May 2019.-VNA
VNA
