Minister of Industry and Trade Tran Tuan Anh (R) and European Commissioner for Trade Cecilia Malmström during a meeting in Belgium in 2018 (Photo: VNA) Brussels (VNA) – The European Council announced onJune 25 that it has approved the European Union – Vietnam Free Trade Agreement (EVFTA)and the EU – Vietnam Investment Protection Agreement (EVIPA), and assigned theEU to sign the deals with Vietnam on June 30 in Hanoi.
The EVFTA and EVIPA are standard and most ambitiousagreements concluded between the EU and a developing country.
Once the EVFTA takes effect, over 99 percent of tariff ongoods from both sides will be lifted. Vietnam will remove 65 percent of importtariff on goods from the EU. Remaining tariffs will be removed in the nextdecade.
Besides offering significant economic opportunities, the trade agreementensures that trade, investment and sustainable development go hand in hand, bysetting the highest standards of labour, safety, environmental and consumerprotection.
Meanwhile, the EVITA will help enhance the EU’s investmentin Vietnam.
Vietnam is the EU’s second largest trade partner in ASEAN witha trade value of nearly 50 billion EUR (about 56 billion USD).
The FTA was initiated in June 2012 and negotiations on thedeal concluded in 2015.
After legal review, the EU proposed dividing the FTA intothe EVFTA and EVIPA in September 2017.
After being signed, the two deals will be submitted to the European Parliament (EP)for consent.
The EVFTA is expected to be approved by the EP later thisyear or early 2020.
Meanwhile, it will take at least two years for the EVIPA tobe ratified by the EP and member parliaments.-VNA
The EVFTA and EVIPA are standard and most ambitiousagreements concluded between the EU and a developing country.
Once the EVFTA takes effect, over 99 percent of tariff ongoods from both sides will be lifted. Vietnam will remove 65 percent of importtariff on goods from the EU. Remaining tariffs will be removed in the nextdecade.
Besides offering significant economic opportunities, the trade agreementensures that trade, investment and sustainable development go hand in hand, bysetting the highest standards of labour, safety, environmental and consumerprotection.
Meanwhile, the EVITA will help enhance the EU’s investmentin Vietnam.
Vietnam is the EU’s second largest trade partner in ASEAN witha trade value of nearly 50 billion EUR (about 56 billion USD).
The FTA was initiated in June 2012 and negotiations on thedeal concluded in 2015.
After legal review, the EU proposed dividing the FTA intothe EVFTA and EVIPA in September 2017.
After being signed, the two deals will be submitted to the European Parliament (EP)for consent.
The EVFTA is expected to be approved by the EP later thisyear or early 2020.
Meanwhile, it will take at least two years for the EVIPA tobe ratified by the EP and member parliaments.-VNA
VNA
