EU-Vietnam Free Trade Agreement To Benefit Food, Drink And Textile Manufacturers

摘要

1. Food, drink and textile exporters in Vietnam and the EU will be some of the largest beneficiaries of the Free Trade Agreement (FTA) was ratified on June 08. 2. Vietnam is now the second Association of Southeast Asian Nations (ASEAN) country to sign a FTA with the European Union. 3. The FTA will lead the EU eliminate approximately 71% of duties on imports from Vietnam from day one, while 99% of all products and services will enter duty-free after seven years. Vietnam will lift 49% of its import duties on EU exports from day one and will phase out the rest over the next 10 years. 4. In terms of tariff eliminations by the EU for Vietnam's products, fishery products will see a reduction from the current 60.2%, to 1.9% by 2027. Similarly, processed agricultural products have tariff reduction from the current 37.2%, to 2.1% by 2027. There are also favourable market access preferences, in the form of duty-free tariff rate quotas, granted by the EU to Vietnam.