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What is European Union – Vietnam Free Trade Agreement mean?
The EU–Vietnam Free Trade Agreement (EVFTA) is a free trade agreement between the European Union (EU) and the Socialist Republic of Vietnam. The EU-Vietnam Investment Protection Agreement (EVIPA) was also agreed which is a bilateral investment treaty.
The agreement deepens the Vietnam–European Union relations and was adopted by Council Decision (EU) 2020/753 of March 30, 2020 on the conclusion of the free trade agreement between the EU and Vietnam. The agreement was passed in Vietnam on June 8, 2020, in the Vietnamese National Assembly and entered into force on August 1 of that year. Both agreements were approved by Vietnam's lawmakers with a large majority of around 95% of the vote.
According to the European Commission, the agreements will provide opportunities to increase trade and support jobs and growth on both sides, through
Eliminating 99% of all tariffsReducing regulatory barriers and overlapping red tapeEnsuring protection of geographical indicationsOpening up services and public procurement marketsMaking sure the agreed rules are enforceable reference| Full Form | Category |
|---|---|
| European Union – Vietnam Free Trade Agreement | Business |
| Eu-Vietnam Free Trade Agreement | International |
Posted on 04 Oct 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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