Business organizations urge fast ratification of EU-Vietnam FTA
Vietnam can be proud on the number of signed Free Trade Agreements (FTAs) it has signed with dozens of countries across the globe. One of the key trade deals signed was EU-Vietnam FTA (EVFTA), a comprehensive multilateral trade agreement between Vietnam and the countries of the European Union (see our EVFTA impact assessment). The European Commission has described the trade deal as the most ambitious trade deal signed between the EU and a developing country. EVFTA will lead to the removal of 99% of trade tariffs, and is expected to have a significant impact on increasing exports from Vietnam to the EU, especially for textile and garment products.
However, currently, the EVFTA has still not been ratified by the European Commission. In order to push the Commission to ratify the deal, a group of 19 business associations, including organizations such as Amfori (association for open and sustainable trade), the Federation of the European Sporting Goods Industry (FESI), European Services Forum, and EuroCham Vietnam.
In the letter to the European Commission signed by the 19 organizations, the signatories are asking the EU institutions and the member countries to take a decisive action on putting Vietnam on its agenda for the Commission’s meeting in May and initiate discussion with the European Parliament, with the aim to ratify the FTA by the end of 2018.
After signing the agreement at the end of 2015, the two sides aimed to ratify and implement the trade deal by early 2018.
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