Applauding the recent European Parliament plenary vote in favour of the ratification of the free trade agreement between the European Union (EU) and Vietnam (EVFTA), the Federation of the European Sporting Goods Industry (FESI) said the development has paved the way for dynamic growth in trade relations between both parties.
“The EVFTA will bring an annual rise of 2.18 per cent to 3.25 per cent of Vietnam's gross domestic product (GDP) by 2023, sharply increasing both EU and Vietnam exports,” FESI president Neil Narriman said in a statement.
“The ratification of this FTA with Vietnam represents one of the biggest successes ever achieved by our industry, with the full liberalisation of athletic and sports footwear either at entry into force or in the next three years. I am extremely proud of the work we have done within FESI over the last decade, particularly with our Trade Committee, to make this ratification a reality”, he added.
Seventy one per cent of the tariffs on Vietnamese exports to the EU will immediately disappear upon entry into force, while the rest will be gradually removed over a maximum of seven years.
Securing an open, predictable and transparent trading environment through the FTA, it will be a turning point for the textile and footwear industry, which counts more than 4000 companies in the region.
Fibre2Fashion News Desk (DS)