The European Union signed a landmark free trade deal with Vietnam on Sunday, the first of its kind with a developing country in Asia, paving the way for tariff reductions on 99% of goods between the bloc and the Southeast Asian country.
The two sides announced the deal in a statement .
It still needs the approval of Vietnam’s National Assembly and of the European Parliament, which is not a given as some lawmakers are concerned about Vietnam’s human rights record.
Vietnam’s Prime Minister Nguyen Xuan Phuc (C), European Commissioner for Trade Cecilia Malmstrom (3-R), walks at the Government office before the signing ceremony for the Free Trade Agreement and the Investment Protection Agreement between Viet Nam and European Union (EVFTA and IPA) at the Government Office in Hanoi, Vietnam, 30 June 2019. EPA-EFE/MINH HOANG The European Union has described the EU-Vietnam Free Trade Agreement (EVFTA) as “the most ambitious free trade deal ever concluded with a developing country”.
The EU said it will “support Vietnam through technical assistance in order to define and follow up on an implementation plan to facilitate the necessary reforms and adjustments, including in areas such as sanitary and phytosanitary measures and non-tariff barriers.”
Via EU Commission /Reuters
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