The EU and Vietnam are set to begin full negotiations for a free-tradeagreement after completing the scoping exercise with a commonunderstanding on key topics to be covered by the agreement on Mar. 31during the 2nd ASEAN-EU Business Summit held in Phnom Penh.
TheEuropean Chamber of Commerce in Vietnam said in its press releaseon Apr. 3 that the aim of this preparatory work is to ensure that bothsides share the same ambitions in the upcoming negotiations.
The two sides will cover a wide range of issues, including theelimination of import tariffs, enhancing trade in services, tacklingnon-tariff barriers, while reaching a broader agreement onintellectual-property rights and competition in each other's markets.
The agreement signals the beginning of the process of formal negotiations.
The European Commission will have to consult with EU Member Statesbefore it can launch formal negotiations with Vietnam .
After Singapore and Malaysia , Vietnam is the third member ofASEAN with which the EU has begun negotiations on a free-trade deal.
EuroCham Vietnam Chairman Preben Hjortlund commented: "A Vietnam –EU FTA will enable Vietnam to benefit from high-qualityimports and increased technology transfer. Increased high-qualityimports will - in return - help upgrading the quality of Vietnam ’sexports so that Vietnamese enterprises will be able to improve theircompetitiveness in the long term.
EuroCham believesthat once a Vietnam - EU Free Trade Agreement (FTA) is in place, EU FDIwill further increase both in quantity and in quality: EU enterpriseswill increasingly perceive Vietnam as their ASEAN hub or evenheadquarters, from which they can service efficiently both ASEAN marketsand neighboring countries, like Japan, China and India.-VNA
TheEuropean Chamber of Commerce in Vietnam said in its press releaseon Apr. 3 that the aim of this preparatory work is to ensure that bothsides share the same ambitions in the upcoming negotiations.
The two sides will cover a wide range of issues, including theelimination of import tariffs, enhancing trade in services, tacklingnon-tariff barriers, while reaching a broader agreement onintellectual-property rights and competition in each other's markets.
The agreement signals the beginning of the process of formal negotiations.
The European Commission will have to consult with EU Member Statesbefore it can launch formal negotiations with Vietnam .
After Singapore and Malaysia , Vietnam is the third member ofASEAN with which the EU has begun negotiations on a free-trade deal.
EuroCham Vietnam Chairman Preben Hjortlund commented: "A Vietnam –EU FTA will enable Vietnam to benefit from high-qualityimports and increased technology transfer. Increased high-qualityimports will - in return - help upgrading the quality of Vietnam ’sexports so that Vietnamese enterprises will be able to improve theircompetitiveness in the long term.
EuroCham believesthat once a Vietnam - EU Free Trade Agreement (FTA) is in place, EU FDIwill further increase both in quantity and in quality: EU enterpriseswill increasingly perceive Vietnam as their ASEAN hub or evenheadquarters, from which they can service efficiently both ASEAN marketsand neighboring countries, like Japan, China and India.-VNA
