The European Union (EU) and Vietnam have signed a free trade agreement (FTA) that will abolish most tariffs on goods traded between them. This deal is expected to boost economic growth in both regions.
The EU-Vietnam FTA has been in the works for several years, and negotiations concluded in June 2019. After legal review and translation, the deal was signed in Hanoi on June 30, 2020. It is a comprehensive agreement that covers trade in goods and services, as well as investment protection, intellectual property, and sustainable development.
The agreement will eliminate tariffs on 99% of goods traded between the EU and Vietnam over the next 10 years. This will significantly reduce the cost of doing business for companies in both regions, making it easier for them to trade with each other. It is expected to lead to an increase in exports, create new jobs, and boost economic growth.
Vietnam is already a major trading partner for the EU, with bilateral trade reaching €47.6 billion in 2019. The EU is Vietnam`s second-largest trading partner after China. The EU-Vietnam FTA is expected to take the relationship between the two regions to new heights.
The FTA also contains provisions to protect workers` rights, promote sustainable development, and increase environmental cooperation. It includes commitments to enforce core labor rights and protect the environment. These provisions are important for the EU, which places a strong emphasis on sustainability and social responsibility.
The EU-Vietnam FTA is expected to come into force on August 1, 2020. It is a significant achievement for both regions and a positive development for global trade. As the world continues to face economic challenges due to the COVID-19 pandemic, this agreement provides a much-needed boost for businesses in Europe and Vietnam.
In conclusion, the EU-Vietnam FTA is a comprehensive agreement that will eliminate most tariffs on goods traded between the EU and Vietnam. It is expected to create new opportunities for businesses in both regions, promote sustainable development, and strengthen the relationship between the EU and Vietnam. As a professional, it is important to note that this topic can be optimized for keywords such as “EU-Vietnam FTA,” “Vietnam trade deal,” and “EU-Vietnam economic partnership.”