July 1, 2019

Anna Murray 

Following the big free trade deal with four South American countries, the European Union also signed a free trade deal with Vietnam on June 30. The deal removed 99 percent of the tariffs on trade between Vietnamese and the European markets, including 4 billion euros in services and 50 billion euros in goods.

Cecilia Malmstrom, EU trade commissioner, travelled to Hanoi to sign the trade deal at the end of June and the EU parliament is expected to approve it later. Mr. Malmstrom said that he was glad to see the green light given by Member States to the trade deal with Vietnam. Besides, he thought that the deal could also strengthen respect for the environment, workers and human rights.

The government of Vietnam stated that the trade deal was hailed as a “historic moment.” Since US President Trump is eager to protect American goods and workers, the European Union decides to be more assertive in signing free trade agreements with the other countries around the world. The EU-Vietnam Free Trade Agreement (EVFTA) is the first and the most ambitious free trade deal that the European Union has ever concluded with a developing country in Asia.

Photo:Webshot.