EVFTA meaning in Business ?

Answer: 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