Illustrative image (Source: Embassynews)Hanoi (VNA) - Vietnam and the EU have experienced fruitfulcooperation in various sectors over the course of the last three decades, JosepBorrell, High Representative of the EU for Foreign Affairs and Security Policy,said in a message on the occasion of the 30th anniversary of diplomaticrelations between the two sides.
Vietnam is among countries in ASEAN and the Asia-Pacific to have developed comprehensiverelations with the EU, he said, describing the signing of the EU-Vietnam Free TradeAgreement (EVFTA) as an extraordinary step in bilateral ties.
The trade pact is the first comprehensive and ambitious trade and investment agreementthe EU has ever concluded with a developing country in Asia, said Borrell, whois Vice President of the European Commission.
The EU is Vietnam’s second-largest export market, accounting for 17 percent ofits total exports. Since Vietnam’s exports to the EU make up just 2 percent of thebloc’s total imports, there is huge space for the country to boost shipments. Two-waytrade has in fact shot up over recent years, with exports primarily being furniture,telephones, machinery, and footwear, while the EU’s exports are mainly aircraft,machinery, pharmaceuticals, and electrical equipment.
The EVFTA came into force at a time when the global economy had been battered bythe COVID-19 pandemic, and has created motivation for trade in goods betweenthe two and boosted the confidence of EU and other investors seeking to developVietnam-EU trade links.
Despite the pandemic, the implementation of the deal has already shown robust signs,with Vietnam’s exports to the EU in August and September topping 3.25 billion USDand 3.1 billion USD, respectively, year-on-year increases of 4 percent and 9.5 percent.
The EVFTA is expected to bring more practical benefits to businesses and peopleof both sides in the medium and long terms. It is projected to help Vietnam increaseits GDP by 4.6 percent and exports to the EU by 42.7 percent by 2025. Meanwhile,the EU’s GDP will rise by an additional 29.5 billion USD and shipments will increase29 percent by 2035.
Borrell also hailed Vietnam, a member of ASEAN and the UN, as an attractive partnerof the EU, saying the forums the country has engaged in are vivid illustrationsof its strong commitment to multilateralism and a rules-based international order.
At the 53rd ASEAN Foreign Ministers’ Meeting on September 12, DeputyPrime Minister and Foreign Minister Pham Binh Minh affirmed that in its role asASEAN Chair 2020, Vietnam supported efforts to deepen ASEAN-EU relations towardsupgrading ties to a strategic partnership.
Vietnam’s efforts paid off, with ASEAN and the EU announcing the official upgradeof ties to the strategic partnership level on December 1.
Leaders of both sides pledged to make further efforts to create a practical frameworkfor an ambitious ASEAN-EU free trade agreement, which expresses their strong commitmentto providing benefits to their people through economic integration and trade liberalisation.
The EVFTA could be used as a model if the EU was to decide to clinch free tradedeals with ASEAN or other member states.
Regarding peace and security, Vietnam and the EU have signed a Framework ParticipationAgreement (FPA), paving the way for Vietnam to join the crisis management activitiesof the EU. The first of its kind the EU has inked with an ASEAN country, theagreement will help contribute to the EU’s activities in global peace and security.
Consultations on security and defence between the two sides are held regularly.At the second consultation, held on December 1, the two sides reiterated their commitmentto maintaining a rules-based international order, freedom of navigation, andthe unity and universality of the 1982 United Nations Convention on the Law of theSea (UNCLOS).
Vietnam and the EU called upon relevant parties to settle disputes at sea via peacefulmeans and in line with the 1982 UNCLOS.
Ambassador Vu Anh Quang, head of the Vietnamese mission to the EU, said Vietnamsees comprehensive cooperation with the EU - the world’s leading economic-politicalhub - as a top priority in its foreign and international integration policies.
Both sides have created frameworks and mechanisms to bolster bilateral relations,such as the Framework Agreement on Partnership and Cooperation (PCA), which createda breakthrough for the signing of the EVFTA and the EU-Vietnam Investment ProtectionAgreement (EVIPA), he said, expressing his hope that the ties will develop in amore practical and comprehensive manner, particularly in economy, politics, trade,and investment.
Since the establishment of diplomatic ties in 1990, Vietnam and the EU have experiencedsound cooperation in various spheres. At the second meeting of the Joint Committeeunder the EU-Vietnam Comprehensive Partnership and Cooperation Framework Agreementon December 15, both sides agreed to enhance the bilateral partnership as wellas cooperation at multilateral forums, so as to maintain a rules-based internationalorder and promote peace and prosperity through sustainable recovery./.
VNA
