Vietnam currently benefits from trade preferences with the EU under the Generalised System of Preferences. It took more than eight years and a dozen dialogue sessions for the two sides to negotiate the EVFTA. Nicolas Audier, President of EuroCham in Vietnam, welcomed the result of the vote: “The EVFTA is now more important than ever, as trade wars and a global pandemic disrupt the normal functioning of business to an unprecedented extent. Free, fair and rules-based trade is the best roadmap for economic growth, and Vietnam will now have privileged access to an EU consumer market of around 500 million people who will be interested in doing business and investing with a strong, safe and prosperous nation in the heart of Asia. The European Union and Vietnam signed a trade agreement and an investment protection agreement on 30 June 2019. . The European Parliament then adopted the two agreements on 12 The free trade agreement was concluded by the Council on 30 March 2020. Britain and Vietnam concluded talks on Friday on negotiating a new free trade agreement, weeks before Britain completes its withdrawal from the European Union on Dec. 31, the British embassy in Hanoi said Friday.
The European Union`s free trade agreement with Vietnam (NAFTA) entered into force on 1 August and paved the way for increased trade between the EU and Vietnam. In February 2020, the European Parliament ratified a Free Trade Agreement (FTA) and an Investment Protection Agreement (IPA) with Vietnam. MEPs (MDEP) voted in favour of the agreements in Strasbourg. Singapore has experienced economic growth since the signing of its free trade agreements. These agreements have helped local businesses and investors access overseas markets, raise their products faster and easier, and benefit from tariff concessions, preferential access to certain sectors and IP protection. According to a study by Singapore`s Ministry of Trade and Industry, businesses saved about $730 million in tariffs and bilateral trade increased by $9.7 million and two-way investment increased 26-fold. . . .