UCLBS News

December 19, 2020

Vietnam Europe Trade Agreement

Filed under: Uncategorized — Administrator @ 11:05 pm

Read more: Poland gives EU an unlikely Vietnamese trade boost No one digs. “There will be no agreement with Indonesia until this issue is resolved and negotiations with Malaysia resume until this issue is resolved,” then EU Trade Commissioner Phil Hogan told the media in February. The APC provides that human rights, democracy and the rule of law are “essential elements” of UE-Vietnam relations as a whole. Therefore, the link between the free trade agreement and the CPA is important to ensure that human rights are also part of the trade relations between the parties. With Indonesia`s economy expected to contract by at least 1.6% this year, according to the Economist Intelligence Unit, Jakarta should be interested in boosting trade. But there is one sensitive point in the EU discussions, both with Indonesia and with Malaysia: palm oil. In a survey of more than 1,000 political experts across the region, the EU has taken first place as a world leader in “rule-based policing and respect for international law” and has barely been second in “promoting the global free trade agenda,” according to the latest report entitled “State of Southeast Asia” from the ASEAN Centre for Studies at the ISEAS-Yusof Ishak Institute. Closer trade relations through Vietnam`s Investment Protection Agreement have free trade agreements with many countries in the region, such as Japan, South Korea, etc. Another important free trade agreement in which Vietnam participates is the Trans-Pacific Partnership.

It covers countries bordering the Pacific Ocean, such as Japan, Chile, Canada and Australia. With the United States withdrawing from the negotiations, the remaining 11 countries continued negotiations and agreed on the new comprehensive and progressive agreement for the Trans-Pacific Partnership (PPAC). The importance of the CPTPP for Vietnam is much less important than the TPP would have been, given that Vietnam had already concluded free trade agreements with the remaining 11 countries, either bilaterally or through the ASEAN Pact. Recent changes in the EU, particularly Brexit, could have an impact on the outcome and importance of the EVFTA. For now, the UK Free Trade Agreement will enter into force by the end of the year and could be renewed for a further 24 months, in line with the agreement between the UK and the EU. “The EU`s trade agenda cannot be implemented in isolation from its values and its general foreign policy,” said the European Commission source. On 8 June 2020, the National Assembly of Vietnam unanimously ratified the new free trade agreement between Vietnam and the European Union (“TFUE”) and the UE-Vietnam Parallel Agreement on Investment Protection (EUVIPA). It was preceded by the approval of both agreements by the European Parliament on 12 February 2020. The TFUE came into force on 1 August 2020. EUVIPA, which falls under the shared competence1 of the EU and its member states, is currently being nationally ratified by the regional and national parliaments of the EU Member States.

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