EU and Vietnam to scrap 99% of tariffsEuropost , Brussels
On Wednesday, the MEPs propped up with a vast majority the EU-Vietnam trade agreement, which is the most modern and ambitious pact ever concluded between the EU and a developing country.
Lawmakers stressed that it is “a strong signal in favour of free, fair and reciprocal trade, in times of growing protectionist tendencies and serious challenges to multilateral rules-based trade”.
Saying that the deal represents a great opportunity for European exporters and investors, Belgian ECR MEP Geert Bourgeois, rapporteur on the dossier, added that “it will eliminate 99% of tariffs within seven years”.
Immediately, 65% of EU exports to Vietnam will be duty free, with the rest - including motorcycles, cars, pharmaceuticals, chemicals, wines, chicken and pork - gradually liberalised over 10 years. On day one, 71% of Vietnamese exports to the EU will be duty free, with the rest catching up in seven years. Duty-free Vietnamese exports of sensitive agricultural products, such as rice, garlic or eggs, will be limited.
The agreement can enter into force when the Council formally concludes it and the parties notify each other that their procedures are closed.