Vietnam And Eu Sign Free Trade Agreement

december 20th, 2020

On 8 June, the Vietnamese National Assembly approved the agreements by an overwhelming majority, with 457 deputies for the free trade agreement and 462 for the IAP. According to some Vietnamese newspapers, the agreements could come into force in July. At the most fundamental level, the agreements will promote jobs and growth between Vietnam and the EU. The agreements will gradually reduce most tariffs, regulatory barriers and bureaucracy, and encourage EU entrepreneurs to do business and invest in Vietnam. On Thursday, Truss also signed a free trade agreement with his counterpart in Singapore, as EU and UK heads of state and government tried to seal a new trade pact and avoid a chaotic end to the five-year Brexit process. “This will be a further boost to bilateral trade between the UK and Vietnam, which tripled between 2010 and 2019 to 5.7 billion pounds ($7.58 billion).” Such agreements illustrate the strength of EU-Vietnam relations and the opportunities Europe sees in the Southeast Asian country. The EU is achieving a long-term goal of increasing its influence and expansion in ASEAN markets by targeting Vietnam, and European entrepreneurs will have better access to one of the fastest growing Asian economies when the agreements come into force. Despite the interruption of the coronavirus pandemic and the slowdown in the global economy, Vietnam is expected to continue to record economic growth of 4.8% this year, returning to 6.8% in 2021. The agreements must now be ratified by the Vietnamese National Assembly and EU member states in the case of the Investment Protection Agreement. The TFUE provides for Vietnam`s commitment to the World Intellectual Property Organization (WIPO) as a means of preventing unauthorized access to creative works and protecting materials exchanged through digital networks, including the internet. In particular, Vietnam has committed to joining the WIPO Copyright Treaty (1996) and the Performance and Phonogram Contract (1996) within three years of the effective date of THE TUEFTA.

According to reports, the Vietnamese government is in the process of completing its internal procedures and the necessary documents to accede to the two treaties. The TFUE also includes strict provisions for trademark protection, patents, designs, plant varieties and data protection (five years) for pharmaceutical, biological and agrochemical products. Vietnam can also take advantage of institutional reforms and bilateral cooperation mechanisms and reaffirm to investors that it is the regional investment centre for improving technology, human resources and labour productivity.


Warning: count(): Parameter must be an array or an object that implements Countable in /data/web/e38453/html/keksz.kfghost.eu/wp-includes/class-wp-comment-query.php on line 405

Trackback URI | Comments are closed.

-->