At the seminar held by the EGMONT- the Royal Institute for International Relations in collaboration with the EU-Vietnam Business Network on June 24 (Photo: VNA)Brussels (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA) and theEU-Vietnam Investment Protection Agreement (EVIPA) will help promote thecomprehensive partnership and trade relations between Vietnam and the EU, asheard a seminar held in Brussels on June 24.
The event, organised by the EGMONT- the Royal Institute for InternationalRelations in collaboration with the EU-Vietnam Business Network, took place inthe context that both sides are accelerating the signing of the two tradepacts, hoping that they will be inked by the end of this month.
In his remarks, Vietnamese Ambassador to Belgium and head of the Vietnamesemission to the EU Vu Anh Quang stressed that Vietnam has worked to meetcommitments related to labour standards stipulated in the EVFTA.
The EVFTA and the EVIPA are ambitious trade deals between the EU and adeveloping nation based on legal regulations, he said, adding that under theEVFTA, 99 percent of tariff lines will be removed, and many other non-tariffbarriers will be reduced for both sides, while the EVIPA helps protect andenhance EU investments in Vietnam, making the Southeast Asian country become aproactive trade and investment hub of the EU firms in the region.
Scholars at the event said that commitments under the two deals are importantto improve the market mechanism and investment climate with a view tofacilitating business of EU enterprises. Thus, they agreed that the two pactsare considered as important legal frameworks to bolster trade and investment relationsbetween the two sides.
Some EU firms who have run successful business in Vietnam shared theirinvestment experience, and discussed attractive trade opportunities in themarket.
As one of the fastest growing economies in Southeast Asia, Vietnam has become apromising destination for European businesses. Both Vietnam and the EU haveseen huge potential in trade exchange across the field of automobile,industrial machine, sewage treatment, food & beverage, pharmaceuticals,garment and textiles, among others.-VNA
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