Following two and a half years of intense negotiations, the Minister of Foreign and European Affairs today reported that Jean Asselborn has welcomed a mutually beneficial and balanced free trade agreement (FTA) between the European Union (EU) and Vietnam.
The agreement will provide for the complete elimination of tariffs on goods traded betweent the two economies, as well as the creation of new opportunities for market access in services and investment - a criterion of particular importance to Luxembourg companies. The FTA also involves a section on sustainable trade and development, covering the relevant social and environmental aspects in trade relations between the EU and Vietnam. This includes a respect for fundamental labour rights, conservation and the sustainable management of natural resources, fair trade practices and the meeting of ethical standards.
The agreement represents the second between the EU and a country of the Association of Southeast Asian Nations (ASEAN), but represents the first of its kind that the EU has reached with a middle-income country which was for many years a partner country of the Luxembourg cooperation.
Following the agreement, certain technical issues remain to be resolved and the legal text finalised by the two parties. The process is expected to reach its conclusion before the end of the year 2015.
Top photo by Artur Leonardo Kurkowiak (Luxembourg Minister for Foreign and European Affairs, Jean Asselborn)
Bottom photo by Reuters (L-R: EU's Ambassador - Head of Delegation to Vietnam, Franz Jessen ; Vietnam's Trade Minister Vu Huy Hoang)
