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Viet Nam, EU ready for launching FTA negotiations

(VGP-2/4/2012) – Viet Nam and the European Union have completed technical procedures to start free trade agreement negotiations.

The initiative of lifting up the relations between ASEAN member States and the EU was proposed years ago. In 2005, ASEAN and the EU established a vision taskforce for economic partnership which is responsible for studying the possibility of setting up a free trade area between the two sides.

On the basis of the vision taskforce’s reports and recommendations, in May 2007, both sides decided to kick off ASEAN-EU free trade area negotiations.

As an ASEAN member State and a coordinator of ASEAN-EU economic cooperation, Viet Nam supports the aforesaid region-to-region approach.

At the 41th ASEAN Economic Ministers’ meeting in August 2009, ASEAN member States decided that each of ASEAN member country could launch FTA negotiations with the EU.

The EU is Viet Nam’s important trade partner while Viet Nam is also a fast-growing economy-an attractive destination for foreign investment.

Viet Nam and the EU agreed on FTA negotiations during Prime Minister Nguyen Tan Dung’s visit to the European Commission in 2010.

This will be a comprehensive FTA in accordance with the World Trade Organization’s rules. The agreement is expected to cover fields like trade in goods and services, investment and others.