Economy

Recommendations for EU-Vietnam FTA, IPA adopted

  •  Wednesday, January 22, 2020

The European Parliament (EP)’s Committee on International Trade (INTA) adopted recommendations for the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (IPA) in Brussels on January 21.

Once the EVFTA comes into effect, the EU will eliminate import tariffs for nearly 86 percent of the tariff lines and over 99 percent of tariff lines will be lifted after seven years.
Once the EVFTA comes into effect, the EU will eliminate import tariffs for nearly 86 percent of the tariff lines and over 99 percent of tariff lines will be lifted after seven years.

The European Parliament (EP)’s Committee on International Trade (INTA) adopted recommendations for the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (IPA) in Brussels on January 21.

The recommendations for the EVFTA were approved with 29 votes in favour, six against, and five abstains; and that on the IPA got 26 approval votes out of the 39. 

The voting event saw the participation of 40 members of the INTA under the chair of INTA chairman Bernd Lange.

The EVFTA consists of 17 chapters, two protocols and some memoranda of understanding on trade, goods, services, investment, trade remedies, competition, State businesses, government procurement, and intellectual property.

Once the agreement comes into effect, the EU will eliminate import tariffs for nearly 86 percent of the tariff lines and over 99 percent of tariff lines will be lifted after seven years. This is the first FTA that the EU has signed with a developing country.

Meanwhile, the IPA includes modern regulations on investment protection that allow enforcement and implementation through a new system of investment courts as well as ensure the two sides’ governments’ rights to regulate benefits of their citizens.

The plenary session of the EP is expected to vote on the two agreements in mid-February this year.

If ratified by the EP, the EVFTA will come into force a month after the two sides notify each other that the legal process is over. Meanwhile, the IPA will still need approval by the parliaments of each EU member state, which could take several years.

(Source: VNA)

Tags EU-Vietnam FTA

Other news

Yen Bai maintains 13 recognized craft villages

The group of handicraft production industries includes 3 craft villages and 1 traditional craft that Yen Bai focuses on maintaining and developing.

In 2025, Yen Bai will continue to preserve, maintain, and develop 13 craft villages and 2 traditional crafts recognized by the People's Committee of Yen Bai province, focusing on 4 industry groups.

Yen Bai Develops Sustainable Agriculture

Residents of the specialized farming area in Tuy Loc Commune, Yen Bai City, are quickly restoring production after the damage caused by Typhoon No. 3.

Yen Bai has been implementing various solutions to build a sustainable agricultural sector that adapts to climate change.

Van Chan Strives for 100% Disbursement of National Target Program Funds

Residents of Ta Lanh Village, Nam Lanh Commune, actively engage in economic activities, striving for sustainable poverty alleviation.

With a proactive and comprehensive approach, Van Chan district is committed to effectively implementing the National Target Programs (NTPs) and socio-economic development projects.

Yen Bai Strives for the Recognition of Four New Craft Villages in 2025

The gemstone painting craft in Yen The town, Luc Yen district, has provided stable income and employment for many local workers.

In 2025, Yen Bai aims to recognize four new craft villages, including one in the city, one in Tran Yen, one in Van Chan, and one in Van Yen.

News by days:
In: This category All categories
 
VIDEO