Once ratified by the Vietnamese National Assembly in May this year, the EVFTA will officially take effect. (Illustrative image. Source: VNA)Hanoi (VNA) – The Ministry of Industry and Trade has been coordinating withrelevant ministries and departments to complete all necessary procedures forthe ratification of the EU-Vietnam Free Trade Agreement (EVFTA).
Accordingto the ministry, the European Council on March 30 passed a decision to ratifythe EVFTA, which was approved by the European Parliament on February 12.
Thisdecision is the final legal step under the EU’s internal approval procedure,which is expected to pave way for the deal to come into force, the ministrysaid.
Onceratified by the Vietnamese National Assembly in May this year, the deal willofficially take effect, it added.
Underthe agreement, Vietnam will cut 65 percent of import tax on EU commoditiesright after the deal takes effect, while the rest will be erased over a10-year period. Meanwhile, the EU will cut more than 70 percent of tariffs onVietnam's commodities right after the deal takes effect, while the rest will beabolished in the seven subsequent years./.
VNA
