April 5th 2012
Vietnam and the Europ
ean Union have completed necessary procedures to begin the first rounds of negotiation for a new bilateral free trade agreement, the EU delegation said in Hanoi yesterday.
European Commissioner for Trade Karel De Gucht, and Vietnamese Minister of Industry and Trade Vu Huy Hoang are set to discuss issues regarding the removal of import and trade service tariffs, the non-tariff barriers to trade, and other trade rules related to intellectual properties and competition.
Vietnam is the third country in ASEAN, besides Singapore and Malaysia, to negotiate the FTA with EU.
It is also EU?s fifth largest trade partner out of ASEAN countries, and the 35th worldwide. Meanwhile, the EU is Vietnam?s third largest trade partner, followed by China and the US, according to newswire VnExpress.
Last year saw two-way trade between EU and Vietnam reached EUR18 billion, with export turnovers from Vietnam worth EUR13 billion.
Export staples include footwear, textile and garment, coffee, seafood, and leather.
The two have initialed the EU ? Vietnam Partnership and Cooperation Agreement to increase the bilateral ties.
(Source: Tuoitrenews)
Tags:? Vietnam European
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