The Council of Ministers approved the EU - Vietnam craft and investment funds agreement , paving the agency for their signature and conclusion . EU Commissioner for Trade Cecilia Malmström and Romanian Minister for Business , Trade and Entrepreneurship Ștefan - Radu Oprea will sign the concord on the EU ’s behalf in Hanoi on Sunday 30 June . The agreements are go down to bring unprecedented benefits for European and Vietnamese companies , consumer and workers , while promoting regard for labour right wing , environmental protection and the fight against mood modification under the Paris Agreement .
President of the European Commission Jean - Claude Juncker state : " I welcome the decision withdraw today by EU Member States . After Singapore , the agreement with Vietnam are the second to have been concluded between the EU and a southeastern Asiatic country , and represent stepping stones to a great engagement between Europe and the region . It is also a political statement by two partner and friends stand together for open , honest and rules - based trade . "
Commissioner for Trade Cecilia Malmström said : " I am very pleased to see that Member States have given a immature light to our swop and investment agreement with Vietnam . Vietnam is a vibrant and hopeful marketplace of more than 95 million consumers and both sides have much to gain from stronger barter relations . Beyond the clear economic benefits , this deal also aims to strengthen regard for human rights as well as protect the environment and workers ' rights . I welcome Vietnam ’s engagement in the process so far – their recent confirmation of the International Labour Organisation Convention on corporate bargaining is an fantabulous example of how trade agreements can encourage higher standards . "
The trade agreement will rid of almost all customs duties on commodity merchandise between the two side of meat in a progressive way that fully respects Vietnam ’s ontogeny need . The concord also contains specific provisions to take away technological obstacles , such as those in the automobile sector , and will assure that 169 traditional European food and swallow products recognise as Geographical Indications are protected in Vietnam . Thanks to the agreement , EU companies will also be able-bodied to enter in bids for procurement tenders in Vietnam on an equal terms with domesticated companies .
Besides offering important economic opportunities , the EU and Vietnam have agreed to strong sustainable development measures . This includes a committal to implement the Paris climate agreement in effect . The accord also commits both sides to respect and effectively implement the precept of the International Labour Organisation ( ILO ) concerning fundamental workers ' rights . To this end , Vietnam has recently ratified the ILO Convention on collective bargaining and has apprise the EU of its aim to sign the two undischarged fundamental ILO conventions by 2023 at the latest . It is also in the operation of reinforcing its British Labour Party statute law . The agreement also establishes consecrate platform for the EU and Vietnam to involve civil society in the implementation of these commitments .
In gain , the trade understanding includes an institutional and sound link to the EU - Vietnam Partnership and Cooperation Agreement , allowing appropriate military action in the case of human rights ' breaches .
The investment protection arrangement include modern rules on investment protection enforceable through the raw Investment Court System and ensures that the right of the government on both side to regularize in the interest of their citizens is continue . It will replace the two-sided investment funds agreement that 21 EU Members States currently have in place with Vietnam place in place new legal warranty preventing battle of sake and increasing transparency .
generator : European Commission
