The European Parliament has approved the European Union’s free trade agreement with Vietnam, consisting of the EU-Vietnam Free Trade Agreement (EVFTA) and the accompanying Investment Protection Agreement (EVIPA).
It is the most comprehensive and ambitious free trade agreement ever concluded between the EU and a developing nation, and one which will open up huge new opportunities for businesses and consumers on both sides.
Once implemented, the EVFTA will remove tariffs on 65% of the value of EU exports upon entry into force, with the remainder eliminated over the following 10 years. Meanwhile, 71% of EU imports from Vietnam will be tariff-free from the moment the EVFTA takes effect, rising to over 99% across the next 7 years.
Customs duties will be eliminated almost entirely over a transitional period of 7 years for Vietnamese goods and 10 years for EU goods. This represents a true win-win for business and consumers, in the form of lower prices and increased competitiveness.
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Source: European Union & Vietnam Investment Review