President of the European Commission (EC) Jean-Claude Juncker (Photo: AFP/VNA) Hanoi (VNA) – President of the European Commission (EC) Jean-ClaudeJuncker said on June 25 that he welcomed the decision of the EU member states onapproving to entrust the EC to sign the EU-Vietnam Free Trade Agreement and theEU-Vietnam Investment Protection Agreement (EVIPA) with the Southeast Asiancountry.
“After Singapore, the agreements with Vietnam are the second to have beenconcluded between the EU and a Southeast Asian country, and represent steppingstones to a greater engagement between Europe and the region. It is also apolitical statement by two partners and friends standing together for open,fair and rules-based trade”, he stated.
Much to her delight, Commissioner for Trade Cecilia Malmström said she was pleased to see that themember states have given a green light to the trade and investment agreementswith Vietnam.
Speaking highly of Vietnam, a vibrant and promising market of more than 95million consumers and both sides have much to gain from stronger traderelations, she stressed that beyond the clear economic benefits, this deal alsoaims to strengthen respect for human rights as well as protecting theenvironment and workers’ rights.
“I welcome Vietnam’s engagement in the process so far, their recentratification of the International Labour Organisation Convention on collectivebargaining is an excellent example of how trade agreements can encourage higherstandards,” she said.
On behalf of the EU, Cecilia Malmströmand Romanian Minister for Business, Trade and Entrepreneurship Stefan-RaduOprea will sign the deals with the Vietnamese side in Hanoi on June 30.
After they are inked, the agreements will bepresented to the Vietnamese National Assembly and the European Parliament forapproval. Meanwhile, the investment protection agreement will first need to beratified by the EU member states according to their respective internalprocedures.
Vietnam is currently the EU’s second largest trading partner in the ASEANregion after Singapore, with trade worth nearly 50 billion euros for goods andover 3 billion euros for services. Vietnam’s major exports to the EU includetelecommunications equipment, footwear and textiles, furniture and agriculturalproducts. The EU mainly sells to Vietnam goods such as machinery and transportequipment, chemicals and food and beverages.
Theagreements reached with Vietnam, alongside those signed recently withSingapore, help pave the way for a future region-to-region agreement with theentire ASEAN bloc.-VNA
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