EU-Vietnam Free Trade Agreement ratified by the Vietnam National Assembly

EU-Vietnam Free Trade Agreement ratified by the Vietnam National Assembly: a big step forward for Growth and Trade.

The ECR Group in the European Parliament is absolutely delighted and thrilled with the adoption of the EU-Vietnam Free Trade Agreement in the National Assembly of Vietnam.The Agreement will boost trade and investment and is described as the most ambitious free trade deal ever to be concluded with a developing country.

The ECR’s Geert Bourgeois MEP, Rapporteur on the EU-Vietnam Free Trade Agreement, believes the agreement will serve as an effective instrument to promote fundamental values and to generate a more level playing field for the future.

Speaking after the vote by the Vietnamese Parliament, he said:

“If we look at this trade agreement, it is of utmost importance to stress the economic value that will boost the prosperity of both the EU and Vietnam. It represents a great opportunity for European exporters and investors.

“These agreements are also instruments to promote and protect European standards and values. Vietnam respects these clear commitments too.

“The creation of prosperity by free and fair trade, the fact that the EU is taking responsibility to set standards worldwide while taking the lead on rules-based trade in times of rising trade tensions, protectionism and unilateralism are all reasons as to why this Agreement is of great importance.”

A large majority of the European Parliament during the February 2020 plenary session voted in favour of the Free Trade Agreement emphasising the economic benefitsm as well as - amongst others - Vietnam’s commitments to improving the labour and human rights situation and the implementation of the Paris Climate Agreement. It will come into force on 1st August 2020.