Vietnam and the European Union have completed technical works inpreparation for negotiations on a bilateral free trade agreement (FTA).
Vietnamese Minister of Industry and Trade Vu HuyHoang and EU Trade Commissioner Karel De Gucht reached agreement onremaining issues under the term of reference at a bilateral meeting inPhnom Penh on March 31, within the framework of the ASEAN Summit.
The EU-Vietnam FTA will be a comprehensive agreement in accordance with principles of the World Trade Organisation (WTO).
It will cover a broad range of issues relating to trade in goods and services, investment and other areas of common concern.
Vietnamand the EU believe that the negotiation and implementation of the FTAwill help promote bilateral relations as well as strengthen the ASEAN-EUregional ties, eyeing towards forming an FTA between the two regions inthe future.
The EU is Vietnam’s third largest trading partnerand second largest importer of Vietnamese goods. Two-way trade betweenthe two sides reached 24.3 billion USD in 2011, of which Vietnam’sexports to the EU were 16.5 billion USD.
Vietnam ’s main export items are footwear, garment and textiles, coffee, furniture and seafood.
The EU is also a major investor in Vietnam, running 1,687 projectswith a total registered capital of 32.85 billion USD. EU businesses areinvolved in most of Vietnam ’s key economic sectors, particularly inhigh-tech industries and services.-VNA
Vietnamese Minister of Industry and Trade Vu HuyHoang and EU Trade Commissioner Karel De Gucht reached agreement onremaining issues under the term of reference at a bilateral meeting inPhnom Penh on March 31, within the framework of the ASEAN Summit.
The EU-Vietnam FTA will be a comprehensive agreement in accordance with principles of the World Trade Organisation (WTO).
It will cover a broad range of issues relating to trade in goods and services, investment and other areas of common concern.
Vietnamand the EU believe that the negotiation and implementation of the FTAwill help promote bilateral relations as well as strengthen the ASEAN-EUregional ties, eyeing towards forming an FTA between the two regions inthe future.
The EU is Vietnam’s third largest trading partnerand second largest importer of Vietnamese goods. Two-way trade betweenthe two sides reached 24.3 billion USD in 2011, of which Vietnam’sexports to the EU were 16.5 billion USD.
Vietnam ’s main export items are footwear, garment and textiles, coffee, furniture and seafood.
The EU is also a major investor in Vietnam, running 1,687 projectswith a total registered capital of 32.85 billion USD. EU businesses areinvolved in most of Vietnam ’s key economic sectors, particularly inhigh-tech industries and services.-VNA
