EVFTA Opens up New Era of Unprecedented Benefits for EU and Vietnam

Diep Nguyen

20:54 30/06/2019

BizLIVE -

This is considered to be the good results considered many years of efforts from both sides. This free trade agreement is especially important in the trend of rising protectionism globally.

EVFTA Opens up New Era of Unprecedented Benefits for EU and Vietnam
Today in Hanoi, European Union (EU) and Vietnam signed the historic EU – Vietnam Free Trade Agreement (EVFTA). This is considered to be the good results considered many years of efforts from both sides. This free trade agreement is especially important in the trend of rising protectionism globally.
EVFTA will usher in the new era for EU and Vietnam, the new era of cooperation investment and bilateral trade. The EVFTA agreement signing today honorly had the presence of the Prime Minister and many other high ranking officials from both EU and Vietnam. 
Also today, the Investment Protection Agreement (IPA) was also signed. The signing of those two agreements are expected to bring in new chances of cooperation and bilateral benefits.
EU with the East-oriented view considers Vietnam, the developing country very far from Europe, to be the partner.
In 2012, EU and Vietnam signed the comprehensive partership agreement (PCA) to frame the coopertion in politics, diplomacy. The EVFTA and EVIPA signed today are the new generation free trade agreement with high standard, comprehensiveness and benefit balance.
The agreements are trusted to bring unprecendented benefits for both EU and Vietnam companies, workers, and workers and at the same time promoting respects for labor rights, environmental protection. What is more, those agreements strengthens the fight for against climate changes under the Paris Agreement on Climate Change.
Stating at the agreement ceremony, Prime Minister Nguyen Xuan Phuc said: “In order for EVFTA to be effective and bring benefits for citizens and companies from both sides, I believe that European Parliament and regional countries’ governments will soon approve EVFTA and EVIPA so that when they become really effective, those agreements will help EU and Vietnam to become closer and from those, the consumers from both sides can more easily cooperate, exchange views and ideas; bilateral companies will access more easily the both sides’ markets”
European companies can get access to the market of more than 100 million consumers in Vietnam as well as other ASEAN, CPTPP markets and other markets in East Asia to bring in the prosperity for Asia and Europe, Prime Minister stressed.

DIEP NGUYEN

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