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EU-Vietnam Trade Deal: What Are The Benefits?

EU-Vietnam trade deal: what are the benefits?

Source: European Commission
Brussels, Belgium (PortSEurope) February 7, 2020 – The EU and Vietnam are scheduled to sign a trade deal which aims to reduce nearly all tariffs on mutual trade over the next 10 years. The European Parliament will vote on free trade and investment deals between the EU and Vietnam on 12 February 2020. Some Mediterranean ports should benefit from these deals as more cargo is
shipped in both directions via the Suez Canal. The European Parliament has published an interview with Belgian ECR member Geert Bourgeois, the MEP in charge of steering the agreements through Parliament, explains the economic, social and environmental benefits. Key points: Eliminate 99% of tariffs within seven years, resulting in €15 billion a year in additional exports from Vietnam to the EU by 2035, while EU exports to Vietnam would expand by €8.3 billion annually. Every €1 billion of EU exports results in around 14,000 new, well-paid jobs here in the EU.Economic growth of 6-7% every year means Vietnam is a relevant for European investors.Main exports: Vietnam mainly exports telecommunications equipment, clothing and food products to the EU. The EU mainly exports goods such as machinery and transport equipment, chemicals and agricultural products to Vietnam.The agreement aims to ensure predictability and rule-of-law for investors.On the environment, Vietnam is bound to the Paris agreement. Source: European Parliament

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