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European Parliament urges acceleration of signing of EVFTA

Many members of the European Parliament have urged acceleration of the completion of documents and relevant procedures for the signing and ratification of the Free Trade Agreement between Vietnam and the EU (EVFTA).
European Parliament urges acceleration of signing of EVFTA ảnh 1Vietnamese Ambassador to Belgium and Head of the Vietnam Mission to the EU Vuong Thua Phong speaks at the meeting (Photo: VNA)

Brussels (VNA) – Many members of the European Parliament have urged acceleration of the completion of documents and relevant proceduresfor the signing and ratification of the Free Trade Agreement between Vietnam and the EU(EVFTA).

At ameeting held by the EP’s Committee on International Trade (INTA) in Brussels onFebruary 20 to review the progress of the EVFTA, the participants lauded the role of the EVFTA for both Vietnamand the EU.

Speakingat the event, Vietnamese Ambassador to Belgium and Head of the Vietnam Missionto the EU Vuong Thua Phong providedinformation on Vietnam’s efforts in economic reform and stepping up regionaland international integration, affirming that the country has always valued itsrelations with the EU.

Vietnam – EU tradeturnover hit a new height in 2017 at nearly 52 billion USD. The EU is now oneof the top five foreign investors and also the largest non-Asian investor inVietnam with 2,000 projects worth 22 billion USD.

Voicing his hopefor the early ratification and implementation of the EVFTA, the Vietnamesediplomat said that the trade agreement will open up more chances in trade andinvestment, helping the two sides to promote their strengths and serving as animportant preparation for an FTA between the EU and ASEAN in the future.

Vietnam will continueto work hard on issues of EU concerns related to the amendment of the country’sLabour Law and participation in some conventions of the International LabourOrganisation, and the combination of trade and sustainable development.

The European Commissionis expected to work with Vietnam to complete documents of the EVFTA before theend of March for official submission to the European Council. The agreementwill be submitted to the European Parliament for ratification in the last sixmonths of 2018.-VNA

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