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Vietnam enhances trade remedy capacity in anticipation of EVFTA

The EU-Vietnam Free Trade Agreement (EVFTA) is awaiting approval of the Vietnamese National Assembly, which marks Vietnam’s great strides in international economic integration.
Vietnam enhances trade remedy capacity in anticipation of EVFTA ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA) is awaiting approvalof the Vietnamese National Assembly, which marks Vietnam’s great strides ininternational economic integration.

Includingthe EVFTA, Vietnam has engaged in 14 FTAs, according to the Ministry ofIndustry and Trade. With such an extensive and intensive engagement in FTAs,trade remedy measures are crucial to the national economy as well as enterprises,as they are legal and effective tools to support domestic producers competewith rising imports.

TheEVFTA includes articles stipulating the use of traditional trade remedy tools inthe World Trade Organisation (WTO), along with regulations on the imposition oflower anti-dumping and anti-subsidy tariffs, which are not compulsory in theWTO.

Itis noteworthy that under the agreement, the two sides will not levyanti-dumping and anti-subsidy measures if the imposition brings no benefits tothe public.

Toensure that tax reductions cause no shocks to domestic production, the dealalso stipulates bilateral trade remedy mechanisms within a transitional periodof 10 years.

Awareof the need to strengthen trade remedy capacity while joining new-generationFTAs, the MoIT has made active preparations like perfecting the investigationapparatus, with the establishment of the Trade Remedies Authority of Vietnam inAugust 2017.

Atthe same time, Vietnam has completed legal foundations for the investigationand settlement of trade defence cases.

Theministry is expected to issue a circular guiding the imposition of trade remedymeasures in accordance with the EVFTA, while stepping up the communication workto popularise trade remedy laws in general and relevant regulations under theEVFTA in particular.

Othermeasures taken by the ministry include training and legal assistance toenterprises, and building inter-sectoral and inter-ministerial coordinationmechanisms.

Itis also implementing a project on the early warning system for trade remedies,along with enhancing State management on the prevention of trade remedy evasionand origin fraud in international trade.

Coordinationand information sharing mechanisms between authorised agencies of Vietnam andthe EU have also been established to deal with trade remedy cases./.
VNA
#EU-Vietnam Free Trade Agreement #World Trade Organisation #anti-subsidy tariffs #rade remedy tools #Trade Remedies Authority of Vietnam #Vietnam #VietnamPlus #Vietnam news
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