EVFTA requires high and strict standards, says Minister

Minister Anh made the point at a press briefing after the signing ceremony of the EVFTA and the EVIPI between Viet Nam and the EU on June 30 in Ha Noi. 

According to Minister Tuan, the EVFTA is the most ever ambitious FTA which the EU has signed with an emerging economy. The two packs were built on the basis of common commitments on free trade agreement and economic integration towards openness, equality, and law enforcement. 

However, besides benefits, domestic enterprises are forecast to cope with technical barriers, strict standards, as well as trade and investment disputes, the Minister said. 

He proposed domestic enterprises especially SMEs proactively research information and take positive preparations  to optimize the two agreements. 

The Minister suggested them conduct a series of measures to research on opportunities and challenges in the EU market; perfect product qualities and modals; uphold competitiveness; raise productivity; ensure origin regulations, technical criteria, plant and animal safety regulations. 

Mr. Anh also acknowledged that up to 70% of Vietnamese SMEs have yet fully understood information on the EVFTA. 

Earlier, the Government had assigned the Ministry of Industry and Trade to supply adequate and timely information to citizens and businesses. The Minister announced that the ministry has worked with associations and banks to timely inform enterprises and people. 

EU Commissioner for Trade Cecilia Malmstrom highlighted the role of enterprises in optimizing preferences of the EVFTA. 

According to Ms. Cecilia Malmstrom, the agreement provides more favorable conditions for enterprises./.

By Kim Loan