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EU finalizes EVFTA ratification process

09/04/2020 09:44 PM
VGP – The European Council has passed the EU-Viet Nam Free Trade Agreement (EVFTA), marking the EU's completion of the entire deal ratification process.

The EVFTA promises to create a big boost for Viet Nam’s exports to the vast EU market.

Earlier, the deal was ratified by the European Parliament during a plenary session in Strasbourg, France on February 12, 2020.

The EVFTA will be implemented following the Vietnamese National Assembly’s ratification and 30 days after the two sides finalize the procedures to notify each other.

Once ratified by the Vietnamese National Assembly, the deal will officially take effect expected at the beginning of this summer.

The EVFTA is expected to create a major push for Vietnam’s exports, helping diversify the country’s exports and markets.

Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased in a 10-year period.

Meanwhile, the EU will cut more than 70% of tariff on Viet Nam’s commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.

The document, together with the EU-Vietnam Investment Protection Agreement, was signed in Ha Noi on June 30 last year.

They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues.

Speaking after the EU’s decision, Gordan Grlic Radman, Minister of Foreign Affairs of Croatia, which currently holds the EU presidency, emphasized that the EVFTA is the most ambitious FTA the EU has signed with a developing country.

Many EU member countries, especially the Netherlands, Spain and Belgium, have issued statements welcoming the EU’s decision and stressing the significance of the agreement, especially in the context that global economic growth, trade and investment are being seriously impacted by the COVID-19 pandemic, he said.

The EU’s prompt completion of the EVFTA ratification process, particularly facilitating its approval through written form as meetings can’t be held as usual, demonstrates that the bloc attaches great importance to relations with Viet Nam and highly appreciates the country’s role in the region, he added.

Moreover, the decision strongly affirms the message of the EU and its member states to continue taking the lead in promoting economic cooperation and linkages, maintaining trade flows and supply chains, and restricting the protectionist trends, aiming to support economic growth amid the complicated developments of COVID-19 globally.

The EVFTA, when implemented, will bring great benefits to Viet Nam’s economy. After being ratified by the Vietnamese National Assembly and coming into force, slated for the third quarter of 2020, the deal will surely create a big boost for Viet Nam’s exports to the vast EU market, particularly concerning the agro-fishery products as well as the Vietnamese goods of competitive advantages.

This is one of the important solutions that the Government is determined to promote in order to remove difficulties as the economy is being negatively impacted by the COVID-19 pandemic./.

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