Minister of Industry and Trade Nguyen Hong Dien (L) and Executive Vice President of the European Commission (EC) and EU Commissioner for Trade Valdis Dombrovskis (Photo: VNA)
Brussels (VNA) – ExecutiveVice President of the European Commission (EC) and EU Commissionerfor Trade Valdis Do𝓡mbrovskis said Vietnam's rise to become the bloc’s leading trade partner൩ in ASEAN is avivid demonstration of the success of the EU-Vietnam Free Trade Agreement (EVFTA).
Co-chairing the thirdmeeting of the Trade Committee of the EVFTAin Brussels on December 1, Dombrovskis said the EU appreciated Vietnam's serious implementation of its obligations under the EVFTA, particularly the establishment of the Domestic Advisory Group (DAG) on sustainable development and the promulgation of the revised Labour Code and revised Intellectual Property Law. He cited EUstatistics showing Vietnam's exports to the EU are four times higher than imports,suggesting the Southeast Asian nation work harder to ensure the trade balanceby focusing on the fields of labour – trade union, pharmaceuticals, the registrationof cars imported from the EU, and import of EU farm produce.
The two sides reviewedthe implementation of the deal in the areas relating to goods trading, animaland plant quarantine measures, trade and sustainable development, and discussedorientations to handle and cooperate in issues of shared concern.
The two sides reviewedthe implementation of the deal in the areas relating to goods trading, animaland plant quarantine measures, trade and sustainable development, and discussedorientations to handle and cooperate in issues of shared concern.
Vietnamese Minister of Industry andTrade Nguyen Hong Dien, who co-chaired the meeting, highlighted the successfulimplementation of the deal in the three years since it took effect, noting his belief thatonce EU-Vietnam Investment Protection Agreement (IPA) is ratified by the EU,the trade relations will grow even stronger.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien (centre) at the meeting (Photo: VNA) The two sides also exchanged views onmultilateral issues such as Indo-Pacific cooperation, World Trade Organisation(WTO) reform, and preparations for the WTO's 13th Ministerial Conference (MC13),scheduled for February 2024 in the United Arab Emirates (UAE).
This was the first in-person meeting between thetwo sides since the EVFTA took effect in August 2020, following meetings heldonline due to COVID-19 impacts. The EVFTA is one of Vietnam's first newgeneration FTAs, and also the first of its kind that the EU has signed with adeveloping country in the Asia-Pacific.
On a rotating basis, Vietnamwill host the fourth meeting of the Trade Committee and other meetings of relevantspecialised committees of the EVFTA next year.
Mariella Cantagalli, a seniorexpert from the Directorate-General for Trade (DG Trade) at the EC, told the Vietnam NewsAgency (VNA) that the meeting reflects the good relations between Vietnam andthe EU, stressing the deal is strong enough to promote trade between the 27 EUmember countries and European businesses and Vietnamese enterprises.
After the three-year implementation ofthe EVFTA, Vietnam's export turnover to the EU has increased by nearly 50%, according to EU statistics.Among Vietnamese exports, agricultural products such as rice, cashew nuts, pepper,and rubber have experienced the highest hikes. Meanwhile, EU exports to the countryrose by over 40%, mainly machinery, spare parts, textile-garment raw materials,footwear, milk and dairy products, and confectionery./.
This was the first in-person meeting between thetwo sides since the EVFTA took effect in August 2020, following meetings heldonline due to COVID-19 impacts. The EVFTA is one of Vietnam's first newgeneration FTAs, and also the first of its kind that the EU has signed with adeveloping country in the Asia-Pacific.
On a rotating basis, Vietnamwill host the fourth meeting of the Trade Committee and other meetings of relevantspecialised committees of the EVFTA next year.
Mariella Cantagalli, a seniorexpert from the Directorate-General for Trade (DG Trade) at the EC, told the Vietnam NewsAgency (VNA) that the meeting reflects the good relations between Vietnam andthe EU, stressing the deal is strong enough to promote trade between the 27 EUmember countries and European businesses and Vietnamese enterprises.
After the three-year implementation ofthe EVFTA, Vietnam's export turnover to the EU has increased by nearly 50%, according to EU statistics.Among Vietnamese exports, agricultural products such as rice, cashew nuts, pepper,and rubber have experienced the highest hikes. Meanwhile, EU exports to the countryrose by over 40%, mainly machinery, spare parts, textile-garment raw materials,footwear, milk and dairy products, and confectionery./.
VNA
