Vietnam: European Union - Vietnam Free Trade Agreement Ratified
Vietnam ratified the European Union (EU)-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (EVIPA) on June 8, 2020. This followed ratification by the European Parliament on February 12, 2020. Key aspects of the EVFTA are the tariff elimination and bilateral trade facilitation. The EVFTA will eliminate nearly all tariffs except for a few tariff lines that are subject to tariff rate quotas (TRQs). The EVFTA is expected to enter into force in August 2020. Vietnam’s agricultural sector is predicted to be among the top beneficiaries of the EVFTA. There are also important details in the Sanitary and Phytosanitary Measures Chapter and details related to Geographic Indicators in the Intellectual Property Chapter.