Oct 12 2021

Trade Agreement With Vietnam

Published by at 4:49 am under Uncategorized

Nicolas Audier, President of EuroCham in Vietnam, welcomed the result of the vote: “The EVFTA is now more important than ever, as trade wars and a global pandemic disrupt the normal functioning of business to an unprecedented extent. Free, fair and rules-based trade is the best roadmap for economic growth, and Vietnam will now have privileged access to an EU consumer market of around 500 million people who will be interested in doing business and investing with a strong, safe and prosperous nation in the heart of Asia. The current dynamics of these economic relations at the heart of the COVID-19 pandemic and the US-China trade war indicate that ASEAN and Vietnam will be increasingly important partners for the UK to pursue its post-Brexit economic recovery strategy. Farmers and small businesses that produce traditional foods will benefit from the recognition and protection of 169 European food and drink products of geographically determined origin in the Vietnamese market, at a level comparable to that of EU legislation. This means that the use of geographical indications (GIs) such as champagne, Parmigiano Reggiano cheese, Rioja wine, roquefort or whisky whisky in Vietnam is reserved for products imported from the European regions from which they traditionally come. Britain is Vietnam`s second largest export market in Europe, according to the Vietnamese Ministry of Commerce. The EU will also abolish customs duties with longer periods of stay (up to 7 years) for certain sensitive products, notably in the textile clothing and footwear sectors. To benefit from preferential access, strict rules of origin for clothing require the use of substances manufactured in Vietnam, with the exception of those manufactured in South Korea, another EU FTA partner. Such agreements illustrate the strength of EU-Vietnam relations and the opportunities Europe sees in the Southeast Asian country. The EU is achieving the long-term goal of increasing its influence and expansion in ASEAN markets based on Vietnam, and European entrepreneurs will have better access to one of the fastest growing southeast Asian economies after the agreements enter into force. Despite the coronavirus pandemic, which is disrupting and causing a global economic slowdown, Vietnam is still expected to record economic growth of 4.8% this year and recover to 6.8% by 2021.

The United Kingdom is a leading player in world trade. In 2019, the United Kingdom exported $469.7 billion in goods and imported $695.8 billion, while these figures were $411.8 billion and $279.2 billion for commercial services. Although international merchandise trade in the UK has declined in recent years, trade with ASEAN and Vietnam has grown strongly. .

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