EU-VN Free Trade Agreement officially signed

During talks with European Commission President Jean-Claude Juncker in Brussels on December 2^nd, PM Dung spoke highly of EC efforts to speed up negotiations of the EU-Vietnam Free Trade Agreement. PM Dung asked the EU to continue providing Vietnam with technical assistance to effectively implement the agreement. After talks, the PM and EC President witnessed the signing of an agreement that marked the official conclusion of negotiations on the EU-Vietnam Free Trade Agreement. The two sides said that it was a historical moment and crucial LANDmark for celebrating the 25th anniversary of diplomatic ties between the EU and Vietnam. PM Dung said Vietnam felt honoured to be among the first ASEAN member countries to conclude FTA negotiations with the EU.

"The EU-Vietnam relationship has developed steadily and comprehensively across politics, economics and culture. It is the highlight of our economic ties and development co-operation. We hope the EU will ratify the Partnership and Co-operation Agreement in early 2016." - Nguyen Tan Dung, Vietnamese Prime Minister.

"The signing today will create an important legal framework to further co-operation between the two sides. The bilateral FTA is a new generation of FTA and is characterised by comprehensive standards. It is expected to create a balanced business environment which facilitates investment and trade. It will open up chances for key products and services from the two countries as they complement each other." - Jean-Claude Juncker, European Commission President.

This agreement, the first of its kind between the EU and a developing country, will remove 99% of tariffs on goods traded between the two sides. Besides eliminating most tariffs, export duties will also be removed in Vietnam. The agreement will create new opportunities for EU businesses. The EU and Vietnam have agreed to ratify the deal as soon as possible to see it put into effect by 2018. The EU is currently the second biggest trade partner of Vietnam, with two-way trade increasing from US$17.75 billion in 2010 to US$36.8 billion in 2014.