Eu Vietnam Free Trade Agreement Ratified

In addition, the TFUE includes geographic indications (GIs) of names or signs used on products corresponding to a specific origin or geographic location. As part of the agreement, Vietnam will recognise and protect 169 g G of the EU (for example. B for some EU wines and cheeses) and the EU will protect 39 Vietnamese GIs (including specified coffees, teas and sauces). The EU`s bilateral trade and investment agreements with Vietnam in March 2020 and the trade agreement are expected to enter into force this summer, following Vietnam`s final ratification. The agreements with Vietnam are the second (after those with Singapore) between the EU and a South-East Asian country and are springboards for stronger engagement between the EU and the region. The agreements must now be ratified by the Vietnamese National Assembly and EU member states in the case of the Investment Protection Agreement. The TFUE marks the second comprehensive trade agreement between ASEAN and the EU and could well serve as a model if the EU decides to pursue free trade agreements ("FTAs") with other ASEAN countries or with ASEAN as a regional bloc in the future. With TUEFTA, Vietnam is expanding its free trade agreement to another strategic economic and trade partner. Vietnam currently has bilateral free trade agreements with Japan, South Korea, Chile and the Eurasian Economic Union (of which Russia is a member). It is also a party to six regional free trade agreements concluded by ASEAN member states with China, Hong Kong, India and other countries and is a party to the Comprehensive and Progressive Trans-Pacific Partnership (PPC) agreement, which includes Australia, Canada, Mexico and New Zealand. Vietnam can also take advantage of institutional reforms and bilateral cooperation mechanisms and reaffirm to investors that it is the regional investment centre for improving technology, human resources and labour productivity. The Vietnamese Ministry of Commerce considered that the signing of these agreements would create opportunities to participate in the restructuring of new supply chains, amid the consequences of the coronavirus pandemic.