EC pushes for approval of FTA with Vietnam
Updated : Thursday, October 18, 2018 4:32 PM (GMT+0700)

TheEuropean Commission (EC) on October 17 submitted for approval a free tradeagreement (FTA) with Vietnam, the first comprehensive open market deal betweenthe EU and a developing Asian country. 

 
Illustrative image - Photo: VNA

Agreements on trade andinvestment between the EU and Vietnam will need approval from the bloc’s 28members and from the European Parliament (EP). 

The trade deal would eliminate99 percent of all tariffs, although some staged over a time period and somelimited by quotas. 

Vietnam, for example, wouldcut its duty on EU car imports from 78 percent to zero over 10 years and forwines and spirits, from around 50 percent, over seven years. EU companies wouldalso be able to bid for Vietnamese public contracts. 

In return, the EU would takeseven years to eliminate its duties on certain Vietnamese products, such as itsmajor textiles, clothing and footwear exports. 

Vietnam has pledged to protect169 European food and drinks products, such as champagne or Parmigiano Reggianocheese. 

The agreement includes achapter on sustainable development, such as implementing internationalstandards on labour rights and the Paris climate accord.

Source:VNA

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