VN, EU issue Joint Statement affirming commitments to trade, investment deals

The working session between Vietnamese Minister of Industry and Trade Tran Tuan Anh and European Commissioner for Trade Cecilia Malmström on the sidelines of the 12th ASEM Summit in Brussels on October 19, 2018.

According to the Joint Statement, both sides welcomed the transmission by the European Commission to the Council of the free trade agreement and investment protection agreement between Viet Nam and the EU.

“We now look forward to the early signature of the agreements and to the possible ratification of the trade agreement within the current term of the European Parliament,” writes the Statement.

The agreements will open up new opportunities for EU and Vietnamese operators to export and invest, and will do that with a special regard to the rights of workers and environment protection.

The European Commission and the Vietnamese Government share a strong commitment to the timely and effective implementation of both agreements and are cooperating closely to identify areas where the implementation of commitments under the agreements may require special attention. 

To this regard, the Vietnamese Government is preparing an implementation plan to ensure full compliance with its obligations under the FTA and the European Commission is ready to support the necessary reforms and adjustments through technical assistance.

Both sides recognized the relevance of the trade and sustainable development chapter of the FTA and agree to jointly promote initiatives in this field, including the ratification of the outstanding fundamental ILO Conventions.

In accordance with the FTA, and in compliance with each side's domestic procedures, work is also underway in relation to the recognition by Viet Nam of the EU as a single entity in terms of sanitary and phytosanitary measures."

By Thuy Dung