The European Commission today adopted the EU-Vietnam trade and investment agreements, paving the way for their signature and conclusion. Through this adoption, the Commission is demonstrating its commitment to putting these agreements in place as soon as possible.
The trade agreement will eliminate virtually all tariffs on goods traded between the two sides. The agreement also includes a strong, legally binding commitment to sustainable development, including the respect of human rights, labour rights, environmental protection and the fight against climate change, with an explicit reference to the Paris Agreement. President of the European Commission Jean-Claude Juncker said: “The trade and investment agreements with Vietnam are exemplary of Europe’s trade policy. They bring unprecedented advantages and benefits for European and Vietnamese companies, workers and consumers. They take fully into account the economic differences between the two sides. They promote a rules- and values-based trade policy with strong and clear commitments on sustainable development and human rights. By adopting them a few hours before welcoming the participants in the ASEM-EU Summit in Brussels, the Commission shows its commitment to open trade and engagement with Asia. I now expect the European Parliament and EU Member States to do the necessary for the agreement to enter into force as soon as possible“. Commissioner for Trade Cecilia Malmström said: “The Commission has now delivered two valuable and progressive agreements with Vietnam that I am convinced the European Parliament and EU Member States can support. Vietnam has massive potential for EU exporters and investors to do business, both now and in the future. (…)Through our agreements, we also help spread European high standards and create possibilities for in-depth discussions on human rights and the protection of citizens. (…)” A press release, a memo and specific sectoral factsheets are online with more information. The press conference of Commissioner Malmström on the EU-Vietnam trade and investments agreements can be watched on EbS here.