Access to EU market to become easier
Under the new Partnership and Cooperation Agreement (PCA), Vietnamese consumers will have access to EU goods at reasonable prices as tax lines decrease to zero percent.
A press briefing, held in Hanoi on June 29, officially announced the signing of the PCA between Vietnam and the European Union (EU) and the start of negotiations for a bilateral Free Trade Agreement (FTA).
In her speech at the signing ceremony, Catherine Ashton, High Representative of the European Union for Foreign Affairs and Security Policy said the EU pledges to strengthen far-reaching and mutually beneficial relations with Vietnam, which she described as a responsible partner in the international arena, a focal point of ASEAN and a dynamic economy.
She commented that the signing of the PCA will promote bilateral relations to a higher level and the agreement will soon be supplemented by an ambitious bilateral FTA between Vietnam and the EU.
These agreements will enable both parties to expand development and cooperation in economics, trade, education and training, science and technology, in addition to agriculture, health care and tourism.
Shared benefits will be restricted to strict bilateral principles and strong global governing institutions.
The new partnership will also help boost bilateral cooperation with Vietnam at regional and international forums and will bring international solutions to global challenges such as climate change; natural disasters; energy security; the production of weapons of mass destruction; terrorism and organised crime.
The EU expects that the investment and trade principles stipulated in the PCA will be tweaked by the FTA that will, according to Mrs. Ashton, bring bilateral trade and investment to a new height.