Vietnam, EU sign landmark free trade deal

Vietnam, Eu Sign Landmark Free Trade Deal

The European Union signed an “ambitious” free trade deal with Vietnam on June 30, the first of its kind with a developing country in Asia, paving the way for tariff reductions on 99 per cent of goods traded between Vietnam and the EU’s 28 member countries.

The agreement was signed by European commissioner for trade Cecilia Malmstrom and Vietnamese trade minister Tran Tuan Anh in Hanoi.

“It is a special day for relations between the EU and Vietnam. The agreement has opened a new horizon for the development of both sides,” Vietnamese Prime Minister Nguyen Xuan Phuc said after the signing.

Once the deal takes effect, the EU will lift 85 per cent of its tariffs on Vietnamese goods, gradually cutting the rest over the following seven years. In turn, Vietnam will lift 49 per cent of its import duties on EU exports when the agreement is started. The rest will be phased out over the coming ten years.

Vietnam, with a population of 95 million, is one of the world’s fastest-growing economies, and the agreement is expected to accelerate greater trade volume and create vast opportunities for businesses and consumers on both sides.

Major exports from Vietnam to the EU include phones, footwear, farm products, textiles and garments. Vietnam imports from EU nations high-tech machinery and equipment, aircraft, vehicles and pharmaceutical products.

Vietnam is the EU’s second-largest trading partner in Southeast Asia after Singapore, with trade turnover of $56 billion last year, according to the national general statistics office.

The deal is the EU’s second free trade agreement in the Southeast Asian region, after one with Singapore. It is viewed as a stepping stone for pursuing a comprehensive deal with the Association of Southeast Asian Nations, or ASEAN, a ten-nation bloc with a combined population of 650 million.

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The European Union signed an “ambitious” free trade deal with Vietnam on June 30, the first of its kind with a developing country in Asia, paving the way for tariff reductions on 99 per cent of goods traded between Vietnam and the EU’s 28 member countries. The agreement was signed by European commissioner for trade Cecilia Malmstrom and Vietnamese trade minister Tran Tuan Anh in Hanoi. “It is a special day for relations between the EU and Vietnam. The agreement has opened a new horizon for the development of both sides,” Vietnamese Prime Minister Nguyen Xuan Phuc said after the...

Vietnam, Eu Sign Landmark Free Trade Deal

The European Union signed an “ambitious” free trade deal with Vietnam on June 30, the first of its kind with a developing country in Asia, paving the way for tariff reductions on 99 per cent of goods traded between Vietnam and the EU’s 28 member countries.

The agreement was signed by European commissioner for trade Cecilia Malmstrom and Vietnamese trade minister Tran Tuan Anh in Hanoi.

“It is a special day for relations between the EU and Vietnam. The agreement has opened a new horizon for the development of both sides,” Vietnamese Prime Minister Nguyen Xuan Phuc said after the signing.

Once the deal takes effect, the EU will lift 85 per cent of its tariffs on Vietnamese goods, gradually cutting the rest over the following seven years. In turn, Vietnam will lift 49 per cent of its import duties on EU exports when the agreement is started. The rest will be phased out over the coming ten years.

Vietnam, with a population of 95 million, is one of the world’s fastest-growing economies, and the agreement is expected to accelerate greater trade volume and create vast opportunities for businesses and consumers on both sides.

Major exports from Vietnam to the EU include phones, footwear, farm products, textiles and garments. Vietnam imports from EU nations high-tech machinery and equipment, aircraft, vehicles and pharmaceutical products.

Vietnam is the EU’s second-largest trading partner in Southeast Asia after Singapore, with trade turnover of $56 billion last year, according to the national general statistics office.

The deal is the EU’s second free trade agreement in the Southeast Asian region, after one with Singapore. It is viewed as a stepping stone for pursuing a comprehensive deal with the Association of Southeast Asian Nations, or ASEAN, a ten-nation bloc with a combined population of 650 million.

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