European Union Vietnam FTA ratified by Vietnam’s National Assembly
On the 8th of June, Vietnam’s National Assembly ratified the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA)
The agreement, as reported by Vietnam-Briefing.com, was unanimously approved with 94.62% of votes in favour of the EVFTA and 95.65% votes in favour of the EVIPA. This follow the ratification of the FTA by the European Parliament back in February.
Analysts expect the trade deal to give a boost to Vietnam’s industries.
Once the agreement takes effect, 71% of exports from Vietnam to the EU are to become duty-free, as will 65% of EU shipments to Vietnam. The remaining tariffs up to 99% will be phased out by Vietnam over ten years and by the EU bloc over seven years.
The EVFTA is a new generation bilateral agreement with important provisions for intellectual property rights, investment liberalization, and sustainable development. It also includes a commitment to implement the International Labour Organization (ILO) standards and the UN Convention on Climate Change.
Image credits: Scott Graham on Unsplash
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