Vietnam-EU trade: EVFTA ratified by eu lawmakers.

The European Parliament (EP) on February 12 ratified the European Union Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA). The next step before the agreements can come into force is the ratification of the agreement by the National Assembly of Vietnam which is expected in May 2020.

The EVFTA was signed on June 30 in Hanoi paving the way for increased trade with the EU and Vietnam.

The EVFTA is an ambitious pact providing almost 99 percent of elimination of custom duties between the EU and Vietnam. As per the Ministry of Planning and Investment, the FTA is expected to help increase Vietnam's GDP by 4.6 percent and its exports to the EU by 42.7 percent by 2025. While the European Commission has forecast the EU's GDP to increase by US$29.5 billion by 2035.

65 percent of duties...