European Parliament ratifies EVFTA, EVIPA
The European Parliament (EP) on February 12 ratified the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).
The EVIPA was passed with 407 votes, 188 against and 53 abstentions; and the EVFTA, with 401, 192 and 40, respectively.
The EVFTA is expected to create a major push for Vietnam’s exports, helping diversify the country’s exports and markets.
The two documents were signed in Hanoi on June 30 last year. They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues.
The investment intensive and extensive commitments will replace bilateral investment agreements between Vietnam and the EU members, helping the country continue to reform its economic structure, perfect business environment and institutions, and facilitate EU investors’ business in Vietnam./.
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