EVFTA-IPA signed, historical significance to both sides

On June 30, Vietnam and the European Union have signed the Free Trade Agreement and the Investment Protection Agreement (EVFTA-IPA). Following the implementation of the Vietnam – EU Comprehensive Partnership and Cooperation Framework Agreement (PCA), these agreements mark a milestone in the strong partnership between the two parties.
July 01, 2019 | 00:08

EVFTA-IPA signed, historical significance to both sides

At the signing ceremony.

Speaking at the signing ceremony, PM Phuc said that at the G20 summit in Japan on June 29, he had an important meeting with President of the European Commission Jean-Claude Juncker who stressed that June 30, 2019, is a special day of historical significance in the Vietnam – EU relations.

This historic event moves the EVFTA one step closer to ratification, ahead of a crucial vote in the European Parliament. Once the agreement enters into force, it will set in train a gradual elimination of almost all tariffs on goods traded between the EU and Vietnam, opening up new opportunities for investors and consumers on both sides.

EU investors will get greater access to Vietnam’s fast-growing market, while businesses in Vietnam will get greater access to the EU’s over 500-million consumers. While the agreement will benefit companies of all sizes and in all industries, those selling textiles, footwear, furniture, leather goods, and agricultural produce will be some of the biggest beneficiaries of tariff elimination and more open markets.

The EU, with its Look East vision, has taken Vietnam as a partner, PM Phuc stressed, adding that as a country with rich potential for dynamic development of the top level in Southeast Asia which is implementing its foreign policy of multilateralisation and persification of relations and having a strong vision for intensive and extensive international integration, Vietnam is very happy to cooperate with the EU.

Following the signatures, the agreements will be presented on the Vietnamese side to the National Assembly for ratification and on the EU side to the European Parliament for its consent, as well as to the respective national parliaments of the EU Member States in the case of the Investment Protection Agreement./.


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