Illustrative image (Source: VNA) Hanoi (VNA) – 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.
Including the EVFTA, Vietnam has engaged in 14 FTAs, according to the Ministry of Industry 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 compete with rising imports.
The EVFTA includes articles stipulating the use of traditional trade remedy tools in the World Trade Organisation (WTO), along with regulations on the imposition of lower anti-dumping and anti-subsidy tariffs, which are not compulsory in the WTO.
It is noteworthy that under the agreement, the two sides will not levy anti-dumping and anti-subsidy measures if the imposition brings no benefits to the public.
To ensure that tax reductions cause no shocks to domestic production, the deal also stipulates bilateral trade remedy mechanisms within a transitional period of 10 years.
Aware of the need to strengthen trade remedy capacity while joining new-generation FTAs, the MoIT has made active preparations like perfecting the investigation apparatus, with the establishment of the Trade Remedies Authority of Vietnam in August 2017.
At the same time, Vietnam has completed legal foundations for the investigation and settlement of trade defence cases.
The ministry is expected to issue a circular guiding the imposition of trade remedy measures in accordance with the EVFTA, while stepping up the communication work to popularise trade remedy laws in general and relevant regulations under the EVFTA in particular.
Other measures taken by the ministry include training and legal assistance to enterprises, and building inter-sectoral and inter-ministerial coordination mechanisms.
It is also implementing a project on the early warning system for trade remedies, along with enhancing State management on the prevention of trade remedy evasion and origin fraud in international trade.
Coordination and information sharing mechanisms between authorised agencies of Vietnam and the EU have also been established to deal with trade remedy cases./.
VNA
