Eu Free Trade Agreement Vietnam

In the area of intellectual property rights, Vietnam is committed to achieving a high level of protection that goes beyond the standards of the WTO TRIPS Agreement. This agreement better protects EU innovations, works of art and trade marks against illicit copying, including through stricter enforcement rules. In addition, the EU grants market access preferences to several Vietnamese industries. Import duties applied in the EU to clothing will have extraction periods of five to seven years for the most sensitive products and three years and, if they enter into force, for less sensitive products. The EU largely offered duty-free tariff rate quotas for Vietnamese rice exports. Other products that have gained improved market access through duty-free tariff quotas are sweet maize, garlic, mushrooms, sugar and sweetened products, cassava starch, surimi and canned tuna. Unprocessed shrimp will be liberalised from the entry into force and Pangasius will be liberalised in three years` time. Like the provisions of the World Trade Organization (WTO), NAFTA is a comprehensive and beneficial agreement for Vietnam and the EU. The agreement will remove “99% of its import duties over 10 years and the EU will do the same over seven years”. Vietnam will remove 49% of its import duties on EU exports and the rest will expire over 10 years. In addition to the elimination of tariffs and non-tariff barriers for goods and services, it contains important provisions on intellectual property protection, investment liberalization, public procurement, competition and sustainable development.

Vietnam currently benefits from trade preferences with the EU under the Generalised System of Preferences. The PCA governs the general relationship between the EU and Vietnam. .