EU-Mutrap provides workshop on Vietnam-EU free trade agreement

It is currently engaged in a US$17 million funded program for the period running August 27, 2012 to June 30, 2017.

At a workshop on December 20, the EU-Mutrap provided training for Vietnamese local businesses to learn about the trade opportunities accorded them by the Vietnam-EU free trade agreement.

The specific purpose of the workshop was to support the Vietnamese Ministry of Industry and Trade in facilitating sustainable international trade and investment through improved capacity for local businesses.

It is hoped this training will better help these companies further integrate into the global, ASEAN and sub-regional trade systems as well as improve their policymaking, policy consultation and the implementation of related commitments, particularly vis-à-vis the Vietnam-EU trade pact.

This trade pact is a modern and comprehensive deal. It will remove nearly all tariffs on goods traded between the two economies. It shows the shared conviction of the EU and Vietnam that trade is essential to growth, the creation of jobs and sustainable development.

Besides eliminating tariffs, Vietnam will also remove almost all its export duties. The agreement will equally create for both economies new market access opportunities in services and investment.

Vietnam has agreed to liberalize trade in financial services, telecommunications, transport, and postal and courier services. On investment, Vietnam will open its market to the EU by removing or easing limitations on certain segments such as manufacturing of food and beverages and of ceramics or plastic products.

In June 2016, the EU Delegation to Vietnam published a Guide to the Vietnam-EU trade agreement that provides first-hand information about the FTA as well as about the economic relations between EU and Vietnam.

This workshop is an extension of the guide aiming to ensure local businesses have adequate training and enhanced capacity to be able to benefit from the trade deal when it comes into full force by 2018.