EVFTA is ratified by the EU
Thursday, 13/02/2020 09:17 (GMT+7)
(CPV) - On February 12th 2020, the European Parliament adopted a bilateral free trade agreement with Vietnam by 401 votes in favour EVFTA - the most ambitious trade agreement with a developing country according to the EU definition: after eight years of negotiations, the Free Trade Agreement with Vietnam is coming up to its ratification.
The agreement is important for the German economy, because Vietnam has a trade volume of around 14 billion EUR - comparable to Canada - and Vietnam is Germany's second biggest trading partner in the ASEAN region. More than 4,000 German companies have already been exporting to Vietnam, thereof 69 percent are small and medium-sized enterprises (SMEs).
In times of increasing international trade conflicts and erosion of the world trade rules, the new agreement is an essential sign for rules-based trade and fair competition. The European Parliament also voted in favour of an investment protection agreement with Vietnam./.
Khac Kien
Tags: