Once ratified by the Vietnamese National Assembly in May this year, the EVFTA will officially take effect. (Illustrative image. Source: VNA) Hanoi (VNA) – The Ministry of Industry and Trade has been coordinating with relevant ministries and departments to complete all necessary procedures for the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).
According to the ministry, the European Council on March 30 passed a decision to ratify the EVFTA, which was approved by the European Parliament on February 12.
This decision is the final legal step under the EU’s internal approval procedure, which is expected to pave way for the deal to come into force, the ministry said.
Once ratified by the Vietnamese National Assembly in May this year, the deal will officially take effect, it added.
Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70 percent of tariffs on Vietnam's commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years./.
VNA
