Brussels (VNA) – The European Council on March 30 passed a decision to ratifythe EU-Vietnam Free Trade Agreement (EVFTA), paving the way for the deal tocome into force.
Onceratified by the Vietnamese National Assembly, the deal will officially takeeffect expected at the beginning of this summer.
The EVFTA is expected to create a major pushfor Vietnam’s exports, helping diversify the country’s exports and markets.
Under the agreement, Vietnam will cut 65percent of import tax on EU commodities right after the deal takes effect,while the rest will be erased in a 10-year period. Meanwhile, the EU will cutmore than 70 percent of tariff on Vietnam’s commodities right after the dealtakes effect, while the rest will be abolished in the seven subsequent years.
The document, together with the EU-Vietnam Investment ProtectionAgreement, was signed in Hanoi on June 30 last year. They include intensive,extensive and comprehensive commitments covering the fields of economy, trade,investment and sustainable development issues./.
Onceratified by the Vietnamese National Assembly, the deal will officially takeeffect expected at the beginning of this summer.
The EVFTA is expected to create a major pushfor Vietnam’s exports, helping diversify the country’s exports and markets.
Under the agreement, Vietnam will cut 65percent of import tax on EU commodities right after the deal takes effect,while the rest will be erased in a 10-year period. Meanwhile, the EU will cutmore than 70 percent of tariff on Vietnam’s commodities right after the dealtakes effect, while the rest will be abolished in the seven subsequent years.
The document, together with the EU-Vietnam Investment ProtectionAgreement, was signed in Hanoi on June 30 last year. They include intensive,extensive and comprehensive commitments covering the fields of economy, trade,investment and sustainable development issues./.
VNA
