German Minister for Economic Affairs and Energy Peter Altmaier (Source: AFP/VNA)Berlin (VNA) - The EU-Vietnam FreeTrade Agreement (EVFTA) helps ensure the accessof German products to Vietnam, as well as investment of German entrepreneursinto this increasingly important market, according to a German official.
German Minister for Economic Affairs and Energy Peter Altmaier affirmed this afterthe EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) weresigned on June 30, noting that the EVFTA is an importantsign of trade based on rules and anti-protectionism.
He stressed it is very important that the EU and Vietnam have agreed on veryambitious rules and high standards, especially sustainability.
Meanwhile, Volker Treier - Headof Foreign Trade at the Chambers of Commerce and Industry of Germany (DIHK), described the two just-inked pacts as a significantimpetus for Germany’s economy.
According to Treier, two-way trade between Vietnam and Germany stands at under13 billion EUR (14.7 billion USD), and this is expected to significantly increaseto 22.5 billion USD in the coming time.
After nine years of negotiations, the EVFTA and EVIPA wereofficially inked on June 30.
Vietnamis the fourth country in Asia-Pacific and the second in ASEAN to have signedthe deals.
Once theEVFTA takes effect, over 99 percent of tax lines on goods from both sides willbe lifted.
The twoagreements are of high standards and the most ambitious agreements concludedbetween the EU and a developing country.
After the signing, they are expected to be submitted to the European Parliamentfor ratification.
Vietnamis the second largest trade partner of the EU in ASEAN with two-way tradehitting nearly 50 billion EUR (nearly 56.7 billion USD). Vietnam mainly exportstelecommunications equipment, footwear and textiles, furniture and farm produceto the EU.-VNA
VNA
