Economy
Tuesday, August 04, 2015
In the battle for share in the rapidly growing Asian markets, the European Commission relies on new FTAs. An agreement now reached with Vietnam to be a model for many more.
The EU has agreed in principle with Vietnam on a comprehensive free trade agreement that could serve as a model for future agreements between the EU and fast-growing Asian countries. The agreement, which was reached after two and a half years of negotiations, provides for the abolition of almost all tariffs within seven to ten years. In addition to restrictions in the services sector, be repealed in investments and the stately procurement.
EU Trade Commissioner Cecilia Malmström evaluated the agreement as an important step on the way to the ultimate goal of a broad agreement with the Association of Southeast Asian Nations (Asean) , At its ten member countries also include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore and Thailand. Trade between the EU and Vietnam has tripled annually in the past decade to 28 billion euros.
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As a final step for the trade agreement have now been clarified yet technical questions about the treaty text to be placed. The agreement then goes for approval to the governments of EU member states and in the European Parliament. Malmström expected to enter into force for the end of 2017 or 2018th
Also, with other Asian countries, the EU is currently in negotiations on trade agreements, including Japan and India. At the talks with Japan, Malmström was very confident, calling it but premature to rely on an agreement by the end.
In September high-level EU representatives will then meet with the Indian side and a resumption of negotiations advice that had begun in 2007, but have become bogged down.
Source: n-tv.de
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