Legal review concludes for Vietnam-EU FTA
Vietnam and the EU have finished the legal review process for the EU-Vietnam Free Trade Agreement (EVFTA) and reached agreement on the bilateral investment protection deal. The result was announced by Vietnamese Minister of Industry and Trade Tran Tuan Anh and EU Commissioner for Trade Cecilia Malmstrom this week.
Ms. Malmstrom said the EU and Vietnam will ratify and implement the EVFTA as soon as possible.
The two sides agreed to name agencies to officially ratify the EVFTA and the agreement on investment protection and discussed ways to ensure optimal economic growth and trade conditions, with the EU helping Vietnam to optimise the deal's implementation by improving its legal system and the competitiveness of small and medium-sized enterprises.
Minister Anh said Vietnam will work to win support for the deal from members of the European Parliament (EP) by next March. Rising trade protectionism, unilateralism, and opposition to the FTA are challenges that both Vietnam and the EU must face, Anh noted, adding that Vietnam and the EU will continue working closely to ensure the success of their shared goals.
Minister Anh met with Bernd Lange, Chairman of the EP Committee on International Trade, who expressed support for Vietnam's proposals, especially focusing EU resources to ensure the signing of the FTA by the end of 2018 so the EP can approve it in early 2019.