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 13 feb 2020 12:17 

EP's approval of EU-Vietnam trade and investment agreements

The European Commission welcomed the decision by the European Parliament to approve the EU-Vietnam trade and investment agreements.

The trade agreement will eliminate virtually all tariffs on goods traded between the two sides and will guarantee – through its strong, legally binding and enforceable commitments on sustainable development – the respect of labour rights, environmental protection and the Paris Agreement on climate. Commissioner for Trade, Phil Hogan, commented: "The EU-Vietnam agreement has a huge economic potential, a win for consumers, workers, farmers and businesses. And it goes well beyond economic benefits. It proves that trade policy can be a force for good. Vietnam has already made great efforts to improve its labour rights record thanks to our trade talks. Once in force, these agreements will further enhance our potential to promote and monitor reforms in Vietnam.” This is the most comprehensive trade agreement between the EU and a developing country. With the Parliament's adoption yesterday, the Council can now conclude the trade agreement. Once the Vietnamese National Assembly also ratifies the trade agreement, it can enter into force, most likely in early summer 2020.

A press release is available online.

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