Global Apparel Market – An Overview | Watch NOW! | Ad
Home / Knowledge / News / Textiles / Vietnam, EU chalk out trade deal
Vietnam, EU chalk out trade deal
05
Aug '15
Courtesy: Hoang Huy/nguyentandung.org
Courtesy: Hoang Huy/nguyentandung.org
Vietnam and EU have agreed in principle on a trade and investment agreement, the most ambitious and comprehensive free trade agreement (FTA) that the EU has ever concluded with a developing country, the European Commission said on its website.

The agreement on the substance of the deal, for which negotiations started in October 2012, came through during a meeting between EU Trade Commissioner Cecilia Malmström and Vietnamese Minister of Industry and Trade Vu Huy Hoang.

Although the final legal texts will be ironed out by negotiators after the summer break, the agreement is on main ten points that will be included in the FTA. These are: elimination of customs duties, reducing non-tariff barriers to European exports, protecting European Geographical Indications (GI), allowing EU companies to bid for Vietnamese public contracts, creating a level playing field for EU companies and innovative products, opening the Vietnamese market for EU services operators, promoting and protecting investment, establishing an efficient mechanism to resolve future disagreements, safeguarding social and environmental protection standards, and promoting democracy and respect for human rights.

The agreement, once finalised and operational, will allow EU exporters and investors to access a fast-growing Vietnamese market of 90 million people, and help them to consolidate their presence. It will also be a further building block towards the EU's ultimate objective of an ambitious and comprehensive region-to-region EU-Asean FTA.

As per the understanding reached, the EU-Vietnam FTA will eliminate nearly all tariffs, i.e. on over 99 per cent of items, except for a small number of tariff lines for which the EU and Vietnam agreed on partial liberalisation through zero-duty Tariff Rate Quotas (TRQs).

Vietnam will liberalise 65 per cent of import duties on EU exports to Vietnam at entry into force, with the remainder of duties being gradually eliminated over a 10-year period. On the other hand, EU duties will be eliminated over a 7-year period.

All EU textile fabric exports to Vietnam will be liberalised at entry into force of the FTA.

The EU will also eliminate duties with longer staging periods (up to 7 years) for some sensitive products, especially in the textile apparel and footwear sectors. The elimination of duties, however, will not be an open door for Chinese products to flood the EU market: to benefit from the preferential access, the strict rules of origin for garments will require the use of fabrics produced in Vietnam, with the only exception being of fabrics produced in South Korea, another FTA partner of the EU.


Must ReadView All

China reportedly cancels trade talks with US, Liu He visit

Apparel/Garments | On 22nd Sep 2018

China reportedly cancels trade talks with US, Liu He visit

Washington is reportedly positive about arriving at a solution to its ...

AmCham Cambodia cautions US against possible sanctions

Apparel/Garments | On 22nd Sep 2018

AmCham Cambodia cautions US against possible sanctions

In a letter to US lawmakers, the American Chamber of Commerce...

Courtesy: ycloset

Apparel/Garments | On 22nd Sep 2018

Alibaba invests in clothes sharing platform Ycloset

Chinese garment sharing platform YCloset has completed an undisclosed ...

Interviews View All

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Chunyi Zhi, City University of Hong Kong

Chunyi Zhi
City University of Hong Kong

<div><b>Chunyi Zhi</b>, associate professor in the Department of Materials ...

Madhu Jain, Madhu Jain

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search