The European Parliament Committee on International Trade (INTA) on January 21 approved a resolution asking for the European Parliament (EP)’s ratification of the EVFTA and the EVIPA.
Approval votes for the two agreements are the highestcompared to the voting of several recent FTAs between EU and partners, proving EU parliamentarians and member states’ appreciation for Vietnam’s role andposition in the world, as well as the comprehensive cooperative partnershipbetween Vietnam and the EU.
According to several studies, the European Union – VietnamFree Trade Agreement (EVFTA) and EU – Vietnam Investment Protection Agreement (EVIPA) areexpected to help Vietnam’s gross domestic product (GDP) grow by 4.6 percent andexports to the EU up 42.7 percent by 2025.
The European Commission estimated that the EU’s GDP will increaseby 29.5 billion USD and exports to Vietnam pick up 29 percent by 2035.
Via the deals, Vietnam will have a chance to tap the commitmentson access to goods markets, services, investment and sustainable development topropel sustainable and inclusive growth, as well as step up widespread globaleconomic integration.
On the EU side, the deals will contribute to furtherdeepening the partnership between the EU and Asia-Pacific countries, includingASEAN member states.
During the EVFTA and EVIPA ratification process, theVietnamese Foreign Ministry has worked closely with the National Assembly’sCommittee on External Relations and agencies concerned to incorporate thedeals’ issue into meetings between the country’s Party and State leaders withEU officials within the bilateral framework as well as on the sidelines ofinternational forums such as the Asia-Europe Meeting, the World Economic Forumand inter-parliamentary forums.
In collaboration with the Ministries of Industry and Trade, Labour,Invalids and Social Affairs, and Public Security, the Foreign Ministry activelyheld discussions with EU partner agencies about preparations to implementcommitments on trade and investment, sustainable development, labour, as wellas mechanisms to supervise and implement the agreements.
The Vietnamese embassies and delegations to Belgium and theEU, along with Vietnamese representative agencies in EU countries also carriedout many communication activities and held talks with local parliamentariansand partners to step up the ratification.
With support from INTA, the documents on approving EVFTA andEVIPA will be submitted to the EP for consideration in the near future./.VNA