Europe Edition
The European Commission President Jean-Claude Juncker and the Vietnamese Prime Minister Nguyễn Tấn Dũng announced on Dec. 3 that they had officially concluded negotiations on a Free Trade Agreement (FTA) between the E.U. and Vietnam. The agreement will give the E.U. access to one of Asia's most promising markets. Vietnam is a fast growing economy and became a World Trade Organization (WTO) member in 2007. With its 90,000,000 inhabitants and growing middle class, it arises as an interesting market for E.U. exporters.
In particular a good result was achieved for E.U. offensive sectors like fruit and vegetables (3-5 years), but also wines and spirits(full liberalization in 7 years – currently Vietnam applies MFN tariffs of up to 55%), dairy (3-5 years), meats (3-10 years), and processed agricultural products (5-7 years).
"This is a good deal for the European agri-food sector which will open up significant export opportunities for our farmers and agri-businesses,” E.U. Commissioner for Agriculture and Rural Development Phil Hogan said. “Vietnam is an important emerging economy, and increased trade will benefit both sides. Our world-renowned E,U, Geographical indications will enjoy a high level of protection through the agreement."
The FTA will set a precedent for other trade agreements that are under negotiation (such as Japan) or will be negotiated in the region (with other ASEAN countries like Malaysia, Philippines). After Singapore it is the second FTA negotiated with a partner in Southeast Asia. The E.U. also has an FTA with Korea in force since July 2011.
In 2014, global trade (imports and exports) in agricultural and food products between Vietnam and the E.U. was worth over €2,700,000,000 in 2014 – with E.U. exports worth €817,000,000 and Vietnamese products worth €1,903,000,000.
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