Minister of Industry and Trade Tran Tuan Anh New integration step Speaking to the media immediately after the ratification, Minister of Industry and Trade Tran Tuan Anh said the two agreements create a sustainable foundation for improving the quality of comprehensive cooperation. The ratification also shows the EU values Vietnam as a trustworthy partner in Southeast Asia, the minister said. He described the EVFTA as a lever for growth, opening up opportunities to access a market with a gross domestic product (GDP) of US$18 trillion. Under terms of the pact, import tariffs on nearly all Vietnam’s exports to the EU will be eliminated in the short term – the highest level of commitment that a partner has given to Vietnam in signed free trade agreements, Anh said. As soon as the EVFTA comes into effect, probably in the summer of 2020, the EU will eliminate about 85.6 percent of import tariff lines, equivalent to 70.3 percent of Vietnam’s export value to the EU. Seven years after the agreement takes effect, the EU will eliminate 99.2 percent of import tariff lines, equivalent to 99.7 percent of Vietnam’s export value to the EU. The EU has committed to apply a zero percent… Read full this story
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