EVFTA heads to growth, jobs creation, sustainable development (07/8)
07/08/2015 - 10 Lượt xem
Besides eliminating tariffs, all of its export duties will also be removed in Viet Nam. The agreement will create new market access opportunities in services and investment.
The nation has agreed to liberalize trade in financial services, telecommunications, transport, and postal and courier services.
Regarding investment, Viet Nam will open its market to the EU, for instance by removing or easing limitations on the manufacturing of food products and beverages, as well as in the non-food sectors.
In addition, the EVFTA includes a robust and comprehensive chapter on Trade and Sustainable Development, covering labor and environment matters of relevance in trade relations between the two sides.
The conservation and sustainable management of natural resources (including wildlife, forestry and fisheries) as well as Corporate Social Responsibility and fair ethical trading schemes are also clarified in the chapter.
The FTA will include mechanisms to ensure the involvement of independent economic, social and environmental stakeholders both in the EU and in Viet Nam.
Especially, the agreement includes a dedicated chapter on assisting Viet Nam in reaping the full benefits. Areas of particular importance include labor and environment matters, trade facilitation and small and medium-sized enterprises.
This will be the second FTA between the EU and a ASEAN nation (the first one was inked with Singapore in 2014).
It is a building block towards the EU’s ultimate objective of an ambitious and comprehensive region-to-region FTA with ASEAN as a whole.
After this breakthrough, technical discussions will be completed to finalize the legal text of the agreement. This process is expected to be finished in a few months’ time and the EVFTA will officially be signed at the end of this year.
Source: Chinhphu.vn
