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Tuesday, June 2 2020
Tiếng Việt
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Date 02/04/2020-14:18:00 PM
Ministry implements procedures for EVFTA ratification

The Ministry of Industry and Trade has been coordinating with relevant ministries and departments to complete all necessary procedures for the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).

TheMinistry of Industry and Tradehas been coordinating with relevant ministries and departments to complete all necessary procedures for the ratification of the EU-Vietnam Free Trade Agreement (EVFTA).

According to the ministry, theEuropean Councilon March 30 passed a decision to ratify theEVFTA, which was approved by theEuropean Parliamenton February 12.

This decision is the final legal step under the EU’s internal approval procedure, which is expected to pave way for the deal to come into force, the ministry said.

Once ratified by the Vietnamese National Assembly in May this year, the deal will officially take effect, it added.

Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased overa 10-year period. Meanwhile, the EU will cut more than 70 percent of tariffs on Vietnam's commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years./.


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