Tuesday, October 20 2020

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EVFTA, EVIPA approved to boost VN-EU economic, trade relations

Update: June, 08/2020 - 10:36

National Assembly deputies vote to approve the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA). — VNA/VNS Photo Dương Giang

HÀ NỘI — National Assembly deputies officially ratified the Europe-Vietnam Free Trade Agreement (EVFTA) and the Europe-Vietnam Investment Protection Agreement (EVIPA) on Monday morning.

The EVFTA is expected to give Vietnamese companies better access to European markets, thus ensuring Việt Nam’s economic security.

The trade pact will erase import tax for Vietnamese products. In exchange, Việt Nam is expected to become more attractive to European investors.

The trade pact is expected to boost Việt Nam’s total gross domestic product (GDP) by 2.4 per cent and exports by 12 per cent by 2030.

The EVIPA will help Việt Nam strengthen its important political and economic position in the Southeast Asia and Asia-Pacific regions, heightening the nation’s status in ASEAN and other international organisations.

The investment protection deal will encourage Việt Nam to keep working to complete its legal system and improve the investment and business environment for all investors.

The EVIPA will replace 21 bilateral investment protection agreements that Việt Nam has with European governments. The agreement contains four chapters, 92 articles and 13 appendices.

The ratification of the two deals will help tighten the bond between Việt Nam and the European Union in economic development, trade and investment.

On the same day, NA deputies also passed the resolution that allows Việt Nam to join the International Labour Organisation’s Convention 105 on abolition of forced labour. — VNS

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