The European Union (EU) has agreed to sign the free trade agreement with Vietnam on June 30 in Hanoi (Vietnam), the "most ambitious" agreement signed with a developing country to date, the European Council announced on Tuesday (25.06.2019).
On the same day, EU Trade Commissioner Cecilia Malmström and Romanian Trade Minister Stefan-Radu Oprea will also sign the investment agreement with Vietnam on behalf of the EU.
The free trade agreement with Vietnam will eliminate 99 percent of customs duties on goods between the two sides, he said. the European Council in a release.
In addition, the Asian country will eliminate 65% of import duties on EU exports and the remaining duties will be phased out over a ten-year period.
However, the trade agreement includes a clause that could lead to its suspension if serious human rights violations are detected in Vietnam.
The EU??-Vietnam?? trade and investment agreements are now ready to be signed! #FTA & #IPA
This FTA is the most ambitious free trade deal ever concluded with a developing country #EUVietnamFTA #EUTrade
Press release: https://t.co/IK1e9NlAN1
- EU Council Press (@EUCouncilPress) June 25th, 2019
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