Trade Commissioner of the European Union (EU) Karel De Gucht andVietnam’s Minister of Industry and Commerce Vu Huy Hoang signed aMemorandum of Understanding (MoU) covering topics related to futurenegotiations on a bilateral free trade agreement (FTA).
The MoU was signed during the ASEAN-EU Business Summit, which opened on Apr. 1 in Phnom Penh .
At the event, De Gucht called on delegates to step up a common FTAbetween ASEAN and EU. He said such an FTA will eliminate barriers totrade, services and investment between the two regions, whileaddressing issues relating to intellectual property.
Previously, the EU held separate FTA negotiations with Singapore andMalaysia, however, the group stills want to reach a common FTA withASEAN as a whole.
The Trade commissioner also pledgedto further promote trade ties between the EU and ASEAN despite theon-going global financial crisis.
ASEAN is currently the third largest trade partner of the EU with annual trade revenue of more than 233 billion USD.-VNA
The MoU was signed during the ASEAN-EU Business Summit, which opened on Apr. 1 in Phnom Penh .
At the event, De Gucht called on delegates to step up a common FTAbetween ASEAN and EU. He said such an FTA will eliminate barriers totrade, services and investment between the two regions, whileaddressing issues relating to intellectual property.
Previously, the EU held separate FTA negotiations with Singapore andMalaysia, however, the group stills want to reach a common FTA withASEAN as a whole.
The Trade commissioner also pledgedto further promote trade ties between the EU and ASEAN despite theon-going global financial crisis.
ASEAN is currently the third largest trade partner of the EU with annual trade revenue of more than 233 billion USD.-VNA
