Vietnam's Exports to EU Increase Almost 50% Three Years after EVFTA
After 3 years of implementing the Vietnam - EU Free Trade Agreement (EVFTA), Vietnam and the EU organized the third meeting of the EVFTA Trade Committee on December 1 (local time).
The third meeting of the EVFTA Trade Committee took place in Brussels, Kingdom of Belgium, co-chaired by Minister of Industry and Trade of Vietnam Nguyen Hong Dien and Executive Vice President of the European Commission (EC) and EU Commissioner for Trade Valdis Dombrovskis.
The two sides have been holding online meetings due to the impact of the global pandemic. This is the first in-person meeting since the EVFTA Agreement took effect.
|Minister of Industry and Trade of Vietnam Nguyen Hong Dien (middle) at the 3rd meeting of the Vietnam-EU Free Trade Agreement Trade Committee (Photo: baodautu.vn).
Most obligations are implemented after three years
The 3-year milestone is an important period for the EVFTA implementation process because most obligations are implemented during this period.
Thanks to the implementation of the bilateral FTA, Vietnam's export turnover to the EU increased by nearly 50%, making Vietnam the EU's leading trading partner among ASEAN countries. On the other hand, Vietnam's imports from the EU also increased by more than 40%.
Among export products, the largest increase was in agricultural products such as rice, cashew nuts, pepper, and rubber.
|EVFTA is one of Vietnam's first new-generation free trade agreements (FTA) and also the first new-generation FTA the EU signed with a developing country in the Asia-Pacific region.
Imported goods from the EU with an increase in turnover include machinery, industrial spare parts, textile and garment raw materials, footwear, milk and dairy products, and confectionery.
At the meeting, the EU side highly appreciated that Vietnam has seriously implemented many new obligations, especially in areas such as establishing the Advisory Group on Sustainable Development and promulgating the revised Labor Code and the Intellectual Property Law.
The two sides comprehensively reviewed the implementation of the Agreement in the trade of specific goods like animal and plant quarantine measures, as well as sustainable development. The discussion also included orientations for handling and implementing cooperation on issues of mutual concern.
Two sides pledge to show deeper commitments in 2024
To maintain sustainable bilateral trade, the EU side requests that Vietnam continue its efforts in implementing the EVFTA, especially in the fields of labor - unions, pharmaceuticals, registration of imported cars, and approval of imported agricultural products.
On the other hand, Vietnam expects the EU to ratify the Investment Protection Agreement (IPA) promptly, boosting investment and trade relations between the two sides. The Vietnamese side also pledged its serious commitment in implementing EVFTA, especially in areas highlighted by the EU side.
The two sides also discussed multilateral issues such as Indo-Pacific regional cooperation, the reformation of the World Trade Organization (WTO) and the preparation for the 13th World Trade Organization Ministerial Conference (MC13), which is scheduled to be held in the United Arab Emirates in February 2024.
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