Vietnam, EU sign FTA, IPA

ABO/VNA - A ceremony was held on June 30 in Hanoi for the signing of the EU – Vietnam Free Trade Agreement and the EU – Vietnam Investment Protection Agreement. Prime Minister Nguyen Xuan Phuc witnessed the signing.

After nine years of negotiation, the EU – Vietnam Free Trade Agreement (EVFTA) was officially inked.

Vietnam is the fourth country in Asia-Pacific and the second in ASEAN signing the deal.

Once the EVFTA takes effect, over 99 percent of tariff on goods from both sides will be lifted, thus helping to improve competitiveness as well as market share of Vietnamese products in the EU market.

The EVFTA and EVIPA are of high standards and the most ambitious agreements concluded between the EU and a developing country.

After the signing, the EVFTA and EVIPA are expected to be submitted to the European Parliament for approval.

(Source: VNA)