A series of German newspapers reported the approval of a resolution by the European Parliament (EP) Committee on International Trade (INTA) on January 21 to ask for the EP’s ratification of the European Union (EU) – Vietnam Free Trade Agreement (EVFTA).
Focus newspaper wrote in its article published on the same day that after being supported by the INTA, the EVFTA is now just waiting for the EP's plenary session to be approved.
The article cited the INTA’s statement in Brussels, Belgium, saying that this is considered to be the most comprehensive and ambitious agreement reached by the EU and a developing country.
|The voting session at the European Parliament Committee on International Trade (INTA) (Source: VNA)
According to Focus, after its entry into force, 65 percent of taxes on EU exports to Vietnam will be eliminated, while the remaining taxes, with a few exceptions, will be removed within 10 years thereafter. Meanwhile, 71 percent of taxes on Vietnamese goods exported to the EU nations will be removed, and in the next seven years, up to 99 percent of the remaining taxed will be eliminated.
It said that Vietnam, with a population of over 95 million people, has achieved a high economic growth in the last decade.
Meanwhile, Süddeutsche Zeitung (Sz) (South German newspaper) said the EVFTA is likely to be approved and come into force, adding that in the next month, the EP will approve this agreement and the adoption after the INTA's resolution is considered quite certain.
German news radio Deutchlandfunk said the INTA’s approval of the EVFTA gave a “green light” for the EP’s ratification. It also highlighted that Vietnam is considered an important producer of electronics and textiles for the European market.
Topagrar information website said that the INTA's support paved the way for the free trade agreement between the EU and Vietnam, which was signed after eight years of negotiations, and could become into force after it is ratified at the EP’s plenary session.
Along with the EVFTA, the INTA also adopted the recommendation to approve the EU – Vietnam Investment Protection Agreement (EVIPA) on the same day. Unlike the EVFTA, the EVIPA requires not only the approval of the EP and the European Council , but also the approval of each EU member state.