Eu Vn Free Trade Agreement
In the area of intellectual property rights, Vietnam is committed to achieving a high level of protection that goes beyond the standards of the WTO TRIPS Agreement. This agreement better protects EU innovations, works of art and trade marks against illicit copying, including through stricter enforcement rules. Vietnam will benefit more from NAFTA than other such agreements, as Vietnam and the EU are seen as two supportive and complementary markets. In other words, Vietnam exports goods that the EU cannot or will not produce itself (fishery products, tropical fruits, etc.), while products imported from the EU are also those that Vietnam does not produce on the national territory, including high-quality machinery, aircraft and pharmaceutical products. The free trade agreement is also worth it for the Vietnamese side. 71% of all import duties on Vietnamese products are immediately removed. After seven more years, 99% of tariffs will be eliminated in order to strengthen the economy on both sides. This will result in a significant increase in Vietnamese exports to the EU. EU-Vietnam Free Trade Agreement and Investment Protection Agreements – mostly liberalised market access for services and unparalleled legal certainty – the most recent update – what you need to know The agreements now need to be ratified by the Vietnamese National Assembly and, in the case of the Investment Protection Agreement, by the EU Member States. The entry into force of the ALER comes amid growing global trade tensions with China.
Coupled with the current COVID-19 pandemic, this has contributed to the growing trend of companies diversifying their supply chains, with Vietnam quickly becoming one of the main beneficiaries. The EU is already Vietnam`s second (value-based) destination for goods. The ALER will strengthen this important trade route and is an important step to enhance the security of Vietnamese EU investors and other global companies wishing to establish or develop trade relations between Vietnam and the EU, on the basis of which fair and efficient trading conditions can be established and maintained. The agreement will allow new GIs to be added in the future. The FTA negotiations were formally concluded in Brussels in December 2015. The signature still needs to take place for the free trade agreement to enter into force. The legal revision of the negotiated text is ongoing, followed by a translation into Vietnamese and the official EU languages….