EU, Vietnam Strike Preliminary Deal on Trade Pact
The European Union and Vietnam on Aug. 4. struck a tentative agreement to put in place a bilateral free trade pact, the EU said in a statement (here). The pact will cut tariffs on more than 99 percent of goods…
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traded between the two countries, the statement said. Vietnamese phaseouts will take place over 10 years, while the EU will implement its tariff cuts over a seven-year period. The two sides launched trade negotiations in 2012, after the EU failed to move forward on a trade deal with the Association of Southeast Asian Nations. “The EU considers the [free trade agreements] with individual ASEAN countries as stepping stones towards an agreement in the regional framework, which remains the ultimate goal,” said the EU.