Press Conference: EU-Vietnam and EVFTA, a trade agreement between Europe and Vietnam

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Date/Time
Date(s) - 18/09/2018
10:00 - 12:00

Location
Brussels Press Club Europe asbl

Categories


Meeting with the European media based in Brussels

Participants: Vietnamese official speakers

Duration: 45 minutes followed by a cocktail-lunch.

Guests:

  • Mr Tran Quôc Khanh, Deputy Minister of Trade and Industry and Negotiator of EVFTA (Vietnam)
  • Mr Luong Hoang Thai, director general of the Multilateral Trade Policy Department, under the Ministry of Trade and Industry (Vietnam)
  • Dr Oliver Massmann, international lawyer, Duanes Morris Vietnam LLC.

 

Notes:

The EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be ratified in 2018 or early 2019, is often considered the most ambitious and innovative agreement the EU has with a developing country. The European Court of Justice has ruled that some aspects of the FTA are « mixed competences », which implies that the 28 Member States, in addition to the EU, must ratify the agreement. As the agreement contains ambitious provisions in a number of areas, including sustainability, it is encouraging for Vietnam’s future development and economic reform process. When it will be implemented, it should eliminate more than 99% of tariffs on goods, reduce other (non-tariff) technical barriers to trade and open up Vietnamese services markets to EU businesses. The figures indicate that Vietnam’s GDP could increase by around 15%, Vietnamese exports to Europe increasing by one third. The sectors most likely to benefit from the opening of their respective markets are clothing, textiles, footwear, agricultural products, machinery, equipment and automobiles.

 

 

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