Viet Nam is a key partner of EU in Southeast Asia

06:52 PM 26/06/2019 Print

Following the aforesaid milestones, both sides signed the framework cooperation agreement (FCA) in 1995 that defined the terms and broadened the EU's relationship with Viet Nam beyound the humanitarian dimension of early years.

In 2012, the signing of the Viet Nam-EU framework agreement on comprehensive partnernship and cooperation (PCA) marked the EU's commitment to strengthen and expand the scope of the partnership in the areas of trade, environment, energy, science and technology, good governnance, human rights, as well as tourism, culture, migration among others.

Both sides commenced negotiations on the free trade agreement in 2015 and completed the talks process on December 2, 2015.

On June 25, the European Council approved the EU-Viet Nam trade and investment agreements, paving the way for their signature and conclusion.

In response to the European Council's move, President of the European Commission Jean-Claude Juncker said: "I welcome the decision taken today by EU Member States. After Singapore, the agreements with Viet Nam are the second to have been concluded between the EU and a Southeast Asian country, and represent stepping stones to a greater engagement between Europe and the region. It is also a political statement by two partners and friends standing together for open, fair and rules-based trade."

Meanwhile, Commissioner for Trade Cecilia Malmström said: "I am very pleased to see that Member States have given a green light to our trade and investment agreements with Viet Nam. Viet Nam is a vibrant and promising market of more than 95 million consumers and both sides have much to gain from stronger trade relations.”

According to the Ministry of Planning and Investment, once the EVFTA takes effect, Viet Nam's export value to the EU is projected to increase by 20% by 2020, 42.75 by 2025, and 44.37% by 2030.

Viet Nam is the EU's second largest trading partner in the ASEAN region after Singapore, with trade worth €49.3 billion for goods and over €3 billion for services./.

By Quang Minh (source: http://news.chinhphu.vn)