Vietnam and the European Union signed a free trade agreement on Sunday, opening opportunities to further boost trade between the euro bloc and one of Southeast Asia's biggest manufacturing nations.
Vietnam and the European Union signed a free trade agreement on Sunday, opening opportunities to further boost trade between the euro bloc and one of Southeast Asia's biggest manufacturing nations.
Once the deal takes effect, the EU will lift 85% of its tariffs on Vietnamese goods, gradually cutting the rest over the following seven years. "The agreement is very important for Vietnam," said economist Pham Chi Lan, a former adviser to several Vietnamese prime ministers."On one hand, it will urge the country to fasten its constitutional reform to match clauses in the agreement. On the other, it will boost the economy, especially in the private sector."
The agreement, which had been negotiated since 2012, gives EU companies equal treatment with domestic bidders in competing for public contracts in Vietnam. It also commits Vietnam to standards for sustainable development, including improving its human rights record, protecting labor rights and upholding its pledges to deal with climate change issues under the Paris accord.
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