The European Union and Vietnam have recently signed a free trade agreement (FTA) which will open up new opportunities for businesses to trade between Europe and Vietnam. This agreement is expected to bring significant benefits to both sides, boosting trade and investment flows and creating jobs and growth.
The FTA was signed on June 30, 2019, after six years of negotiations. The agreement has been described as one of the most ambitious and comprehensive trade deals ever signed between the EU and a developing country. It covers a wide range of issues, including tariff reductions, trade in services, investment protection, intellectual property rights, and sustainable development.
One of the key benefits of the FTA is that it will remove most tariffs on goods traded between the EU and Vietnam. This will make European products cheaper for Vietnamese consumers and allow European businesses to access the Vietnamese market more easily. Furthermore, the FTA will provide a framework for greater cooperation and collaboration between the two sides, which could lead to further investment and job creation.
The agreement also includes provisions for protecting intellectual property rights, which will be good news for European businesses that operate in Vietnam. This will provide greater certainty and protection for European companies that invest in Vietnam. Moreover, the FTA includes measures to promote sustainable development, such as protecting labour rights and the environment.
One of the most important aspects of the FTA is that it will help to foster economic growth and development in Vietnam. As one of the fastest-growing economies in Southeast Asia, Vietnam is an important market for European businesses. The agreement will enable European companies to tap into this dynamic market and help to support Vietnam`s economic development.
In conclusion, the EU-Vietnam free trade agreement is a significant milestone in the relationship between the EU and Vietnam. It will create new opportunities for businesses to trade between Europe and Vietnam and help to boost economic growth and development in both regions. With tariffs reduced and intellectual property rights protected, the FTA provides a framework for closer cooperation and collaboration between the two sides. Overall, the agreement is an important step forward for both the EU and Vietnam, and it is likely to have a positive impact on their economies for years to come.