A shrimp processing factory. Under the EVFTA, Vietnam pledged to erase tariffs on exports to the EU according to a 15-year roadmap (Photo: VNA) Hanoi (VNA) – The Government is set to issue adecree on the lists of preferential export tariffs and special preferential importtariffs to implement the EU-Vietnam Free Trade Agreement (EVFTA) when the dealcomes into force in Vietnam.
The Ministry of Finance said on February 13 thatit will build and submit the draft decree to the Government.
When the agreement takes effect, Vietnam willimmediately remove 48.5 percent of import tariff lines, equivalent to 64.5percent of its imports from the EU. The respective rates will reach about 99percent and 99.8 percent after 10 years.
Regarding the remaining tariffs, the eliminationroadmap will last for more than 10 years, or Vietnam will give preferentialtreatment to the EU on the basis of the World Trade Organisation (WTO)’s tariffquota.
[EP ratifies EVFTA, EVIPA]
Meanwhile, the country pledged to erase tariffson exports to the EU according to a 15-year roadmap, except for some productssuch as crude oil and coal.
On February 12, the European Parliament ratifiedthe EVFTA with 401 votes in favour, 192 against and 40 abstentions. TheEU-Vietnam Investment Protection Agreement was also passed the same day.
Bothagreements were officially signed in Hanoi on June 30, 2019.
The European Parliament will later issue anannouncement on the completion of the EVFTA ratification process and transferthe ratification dossier back to the European Council to complete finalprocedures.
Vietnamese agencies are also working onprocedures to submit the EVFTA to the National Assembly at the session thisMay. If the parliament adopts the deal in May and the two sides inform eachother about procedure completion in June, the EVFTA will become effective onJuly 1 this year./.
VNA
