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EU Parliament Approves EU-Vietnam Free Trade And Investment Protection Deals

EU Parliament approves EU-Vietnam free trade and investment protection deals

Source: European Commission
The EU-Vietnam trade agreement, the “most modern and ambitious agreement ever concluded between the EU and a developing country”, got Parliament’s backing on Wednesday – EU Press Release, February 12, 2020 MEPs gave their consent to the free trade agreement by 401 votes, 192 votes against and 40 abstentions. The “most modern, comprehensive and ambitious agreement ever concluded between the EU and a developing country”
will contribute to setting high standards in the region, and could lead to a future region-to-region trade and investment agreement, said the Parliament, in an accompanying resolution adopted by 416 votes for, 187 against and 44 abstentions. The agreement is “a strong signal in favour of free, fair and reciprocal trade, in times of growing protectionist tendencies and serious challenges to multilateral rules-based trade”, MEPs stressed. Almost all customs duties gone The agreement will remove virtually all customs duties between the two parties over the next ten years, including on Europe’s main export products to Vietnam: machinery, cars, and chemicals. It extends to services such as banking, maritime transport and postal, where EU companies will have better access. Companies will also be able to bid on public tenders put out by the Vietnamese government and several cities, including Hanoi. The deal also safeguards 169 emblematic European products. In addition, the agreement is an instrument to protect the environment and to sustain social progress in Vietnam, including labour rights. It commits Vietnam to apply the Paris Agreement. Vietnam committed to ratify two bills as requested by Parliament, one on the abolition of forced labour, the other on freedom of association, by 2020 and 2023, respectively. The trade deal can be suspended if there are human rights breaches. © European Union, 1995-2020

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