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European Council approves EVFTA

Anh Huyen
Chia sẻ
(VOVWORLD) - The European Council has aprroved a free trade agreement (FTA) between the EU and Vietnam, which was signed by the European Parliament on February 12. This decision clears the path, on the EU side, for the entry into force of the agreement. Once the Vietnamese National Assembly also ratifies the FTA and 30 days after both sides are informed of the ratification, the agreement can enter into force.

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European Council approves EVFTA - ảnh 1The EU and  Vietnamese flags

The European Council’s adoption of the EVFTA has been a much expected decision since both sides began negotiation in June, 2012. It shows the EU’s respect for Vietnam’s status and development potentials.

Respecting relations with Vietnam 

Gordan Grlic Radman, Foreign Minister of Croatia, the EU Rotating Presidency, said the EVFTA is most ambitious FTA the bloc ever signed with a developing country. Some EU members, such as the Netherlands, Spain, and Belgium, appreciated the EU’s decision, stressing the importance of the FTA, particularly when global economic, trade, and investment are seriously affected by the Covid-19 pandemic.

The decision, which was made when both sides were unable to hold regular meetings, show the EU’s respect for Vietnam’s role and status in the region. Ambassador and Head of the EU Delegation to Vietnam, Pier Giorgio Aliberti, said that the EVFTA is an ambitious plan that the EU ever negotiated and signed with a partner of developing economy. He recommended Vietnam to take drastic reform to create a more favorable trade environment to benefit businesses, workers, farmers of both sides. Aliberti added that the EU acknowledged Vietnam’s commitments to implement the agreement in the future. 

Vietnam is ready for EVFTA ratification

In late March, the Vietnamese Ministry of Industry and Trade submitted to the Prime Minister a draft EVFTA dossier before submitting it to the President and National Assembly for approval. The Government has asked ministries and sectors to revise legal documents for the implementation of the EVFTA.

Minister of Industry and Trade Tran Tuan Anh said: “We much expect that the EVFTA dossier will be presented to the next National Assembly’s session. We are pushing for the agreement to come into force in July. Vietnamese and EU businesses and people will soon benefit from the agreement.”

Once it comes into force, the EVFTA is expected to boost Vietnam’s export to the EU markets and help ease economic burden due to the Covid-19 pandemic.

The EU is one of Vietnam’s top trade partners with two-way trade turnover in 2019 reaching 56 billion USD.

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