European Parliament ratifies EU-Vietnam trade pact

09:14 | 13/02/2020

The European Parliament on Wednesday ratified an EU free trade accord with Vietnam. 

european parliament ratifies eu vietnam trade pact EU-Vietnam Free Trade Agreement available online
european parliament ratifies eu vietnam trade pact Vietnam, EU reach agreement on free trade deal
european parliament ratifies eu vietnam trade pact Vietnam, Eurasia Economic Union sign free trade agreement
european parliament ratifies eu vietnam trade pact
The signing ceremony of the free trade accord between EU on Vietnam on June, 2019.

The legislature, sitting in the eastern French city of Strasbourg, gave its assent to the pact with 63.3% of vote in favour.

The accord will take effect this year after final approval by the European Council representing EU member states and ratification by Vietnam.

The European Commission, which negotiated the deal, welcomed the vote.

Signed in June last year, it stipulates a phasing out of tariff barriers over a decade for Vietnam and over seven years for the EU.

Vietnam is the EU's second-biggest trading partner in southeast Asia, with annual exchanges amounting to nearly 48 billion euros (US$72.6 billion).

The EU largely imports from Vietnam telecoms equipment, apparel and food products, and exports machinery, transport equipment and chemical and agricultural products./.

VNF