Vietnam Eu Trade Agreement

Vietnam Eu Trade Agreement

This agreement will enable EU exporters and investors to access a fast-growing market of 90 million people and consolidate their presence in one of the world`s most dynamic regions. Like the provisions of the World Trade Organization (WTO), the CEFTA is a comprehensive and beneficial agreement for Vietnam and the EU. The agreement will remove “99% of its import duties over a ten-year period, and the EU will do the same over seven years.” Vietnam will lift 49% of its import duties on EU exports and let the rest expire over a 10-year period. Read more: EU signs free trade agreement with Vietnam PUT EST marks the second comprehensive trade agreement between an ASEAN country and the EU and could be used as a model if the EU decides to pursue free trade agreements (“free trade agreements”) with other ASEAN countries or with ASEAN as a regional bloc in the future. With TUEFTA, Vietnam is expanding its free trade agreement to another strategic economic and trade partner. Vietnam currently has bilateral free trade agreements with Japan, South Korea, Chile and the Eurasian Economic Union (of which Russia is a member). It is also a party to six regional free trade agreements concluded by ASEAN member states with China, Hong Kong, India and other countries and is a party to the Comprehensive and Progressive Trans-Pacific Partnership (PPC) agreement, which includes Australia, Canada, Mexico and New Zealand. Previously, recycled products were considered “used” by Vietnam and were generally not imported. However, the text of the agreement allows the importation of recycled products and will open up trade in high-quality products such as medical devices and auto parts to the after-sales market. Vietnam may continue to restrict certain used goods under the most privileged conditions (MFN). The entry into force of TUEFTA comes amid growing global trade tensions with China. Combined with the ongoing COVID 19 pandemic, this has contributed to the growing trend of companies diversifying their supply chains, with Vietnam rapidly becoming the main beneficiary.

The EU is already Vietnam`s second -largest destination for products. EMU will give new impetus to this important trade route and is an important step towards ending the security of EU investors and other global companies wishing to establish or develop trade relations between Vietnam and the EU, as well as the basis for creating fair and effective trading conditions. Singapore is the only other Southeast Asian country to have signed a free trade agreement with the EU. The free trade agreement with Vietnam is the EU`s most ambitious trade agreement with a developing country. The agreement aims to provide an urgent economic boost to the Southeast Asian country in the midst of the coronavirus pandemic. The free trade agreement will consist of two parts, one for trade and one for investment, covering 95% and 5% respectively. In accordance with the opinion of the European Court of Justice on the EU-Singapore free trade agreement, it will probably be decided that the European Parliament will be solely competent in the trade field because of the European internal market and that, therefore, the trading part will enter into force immediately after ratification by the European Parliament. The investment part requires ratification by the European Parliament and all EU Member States. The effects of the investment part are applied on an interim basis, subject to the completion of the ratification process. The TFUE provides for Vietnam`s commitment to the World Intellectual Property Organization (WIPO) as a means of preventing unauthorized access to creative works and protecting materials exchanged through digital networks, including the internet.

In particular, Vietnam has committed to joining the WIPO Copyright Treaty (1996) and the Performance and Phonogram Contract (1996) within three years of the effective date of THE TUEFTA.


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