EU signs landmark trade deal with Vietnam

The European Union has signed a landmark free-trade deal with Vietnam, the first of its kind with a developing country in Asia, paving the way for tariff cuts on almost all goods.

The EU has described the deal as “the most ambitious free trade deal ever concluded with a developing country”

The free trade agreement will eventually eliminate 99% of tariffs, with some items cut over a 10-year period and other goods, notably agricultural products, limited by quotas. It is also expected to open up the public procurement and services markets, such as for the postal, banking and maritime sectors.

The deal still needs the approval of the European parliament, which is by no means a certainty given some lawmakers’ concerns over Vietnam’s human rights record.
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The agreement was signed in Hanoi, three-and-a-half years after trade negotiations ended in December 2015.

Read more: EU signs landmark trade deal with Vietnam | World news | The Guardian

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