The European Union signed a landmark free trade deal with Vietnam on Sunday, the...
Hanoi - 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 trading bloc and Southeast Asian country.
The European Union has described the EU-Vietnam Free Trade Agreement as “the most ambitious free trade deal ever concluded with a developing country”.It was signed in Hanoi between European Union Trade Commissioner Cecilia Malmstrom and Vietnam’s Minister of Industry and Trade Tran Tuan Anh, three-and-a-half years after negotiations ended in December 2015.
The agreement with the EU is also expected to open up public procurement and services markets, such as for the postal, banking and maritime sectors. The Vietnamese government said on Sunday that EVFTA would boost EU exports to Vietnam by 15.28% and those from Vietnam to the EU by 20.0% by 2020.
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