EFVTA Considered the Most Ambitious Agreement EU Ever Signed with a Developing Country

Diep Nguyen

21:15 30/06/2019

BizLIVE -

The agreement is a strong and positive sign in demonstrating Việt Nam’s policy of supporting free trade, said Ousmane Dione, World Bank Country Director for Việt Nam.

EFVTA Considered the Most Ambitious Agreement EU Ever Signed with a Developing Country

Photo: Reuters

Today, European Union (EU) and Vietnam signed the free trade agreement, this has lived up to the expectations from millions of consumer and thousands of companies from both sides. This agreements paves the way for tariff reductions on 99% of goods between the bloc and the Southeast Asian country.
The agreement still needs the approval from member countries’ governments in the EU and the approval of Vietnam’s National Assembly. The agreement is a strong and positive sign in demonstrating Việt Nam’s policy of supporting free trade, said Ousmane Dione, World Bank Country Director for Việt Nam.
"Every agreement comes with both opportunities and challenges and the question here is how Việt Nam can grasp these opportunities," Dione said.
According to the European media released today, this free trade agreement is considered the most ambitious trade agreement that Europe ever concluded with a developing country. 
"The European Commission and the Government of the Socialist Republic of Viet Nam welcome the signature of the Free Trade Agreement and the Investment Protection Agreement", EU Trade Commissioner Cecilia Malmström and Minister of Industry and Trade Tran Tuan Anh said in a statement.
"Both sides share a strong commitment to the effective implementation of both agreements and are cooperating closely to ensure full compliance with the obligations under these agreements."
According to the EU, EU will support Vietnam through technilcal assistance in order to implement and falicitate the needed reforms and adjustments including in areas such as sanitary and phytosanitary measures and non-tariff barriers.
Vietnamese government will launch the National Action Plan to implement the two agreements signed today to fulfill all agreements at all levels, promote more and more the mobility and creativity. 

DIEP NGUYEN

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