EU and Vietnam prepare FTA
02/04/2012
They have issued a scoping paper that covers the topics to be included in future trade negotiations.
“The EU and Vietnam are complementary economies with much to gain from ever closer cooperation. In stepping up our trade relations, we will provide new opportunities for importers, exporters and consumers as well as contributing to generating growth in both economies,” said Commissioner De Gucht. “The EU is committed to increasing its engagement with dynamic Asian emerging markets to boost trade and growth.”
Both sides have agreed on targets for the areas to be covered in the upcoming FTA negotiations. The negotiations will cover a broad range of issues including elimination of import tariffs, trade in services, non-tariff barriers to trade (such as technical barriers or the rules on foodstuffs) and the trade aspects of rules relating to intellectual property and competition.
The European Commission will now consult with the EU member states before negotiations begin.
In 2011, EU-Vietnam trade in goods was worth over EUR18 billion, with almost EUR13 billion in exports from Vietnam to the EU. Vietnam’s key export items include footwear, textiles and clothing, seafood and leathergoods, while key EU exports include high tech products.
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