Trans EU Free Trade Agreement Seventh Round Consultations Held In Hanoi

The consultations of the seventh round of "P > > a href=" http://www.91se91.com/news/index_c.asp "> Yue European Free Trade Agreement < /a > (VEFTA) were held in Hanoi in March (2014). After 6 consultations in June 2012, the two sides have reached a considerable degree of agreement, and the signing of VEFTA will become a major breakthrough in Vietnam's foreign trade and economic relations.

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Ranjig, Vietnam's prime minister, when he met with Mr. Karel De Gucht, chairman of the EU Trade Commission who came to Vietnam to participate in VEFTA consultations, said that he hoped to complete the signing in October of this year, and asked the EU to recognize the complete market economic system of Vietnam as early as possible, and please consider more imports from Vietnam, such as imported agricultural products, textile and garment products, and other advantages of Vietnam.

Mr. Karel is repeated. The European Union will cooperate with each other to sign the agreement as soon as possible.

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P, the European trade and investment policy Assistance Agency (MUTRAP), estimates that VEFTA substantially reduces tariffs, which will help Vietnam to grow 30 to 40% of its exports to Europe, and help Vietnam to promote structural reform and improve business environment. Moreover, textile and garment industry is the largest industry in Vietnam to lose to Europe, accounting for 18% of the total volume of exports to Europe. After the entry into force of VEFTA, the tariff of Vietnam's exports to Europe will be reduced from 12% to 0%, increasing international competitiveness.

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< p > the EU has 28 Member States, with a population of about 500 million people. It is the largest economy in the world. GDP reaches 18 trillion dollars, accounting for 22% of global GDP.

The total trade volume of the European Union is about 4 trillion dollars, and its service industry exports rank first in the world. Overseas investment also accounts for nearly 40% of the global FDI. After its entry into force, VEFTA will help attract EU investment in Vietnam, expand production scale and increase import from Vietnam.

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< p > from 1995 to 2012, Vietnam's exports to Europe increased by 20 times. It is estimated that by 2020, Vietnam's exports to Europe will increase by 75%. The most profitable industries in Vietnam include: a href= "http://www.91se91.com/news/index_c.asp" > textile garments > /a > a href= "http://www.91se91.com/news/index_c.asp" > footwear > /a > food processing, handicrafts and so on.

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"P >" Mr. Jean – Jacques Bouflet, the EU's representative office in Vietnam, stressed that VEFTA provides the opportunity for both sides to enter the market for goods and services on the basis of the principle of reciprocity, and that trade liberalization in the way of "tariff reduction" will contribute to economic growth of both sides. Such trade relations do not compete with each other and complement each other, and Vietnam will also make profits in imports.

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"P" Vietnam manufacturers will be able to import high-tech machinery and equipment manufactured by the EU with low tariffs, thereby improving the industrial level and promoting production and export.

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