European Parliament holds hearing on EU-Vietnam FTA

Thursday, 2018-10-11 17:05:19
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Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the hearing (Photo: VNA)
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NDO/VNA - The European Parliament (EP)'s Committee on International Trade (INTA) held an opening hearing on the Free Trade Agreement (FTA) and the Investment Protection Agreement (IPA) between Vietnam and the European Union (EU), on October 10.

Addressing the event, Head of the Vietnamese delegation to the hearing, Deputy Minister of Industry and Trade, Tran Quoc Khanh, said Vietnam is integrating into the world as it has joined a lot of international conventions and has trade partnerships with many countries.

Amid increasing protectionism, Vietnam firmly supports multilateral relations based on consistent principles, he stressed.

While confirming that Vietnam and the EU are large partners, Khanh said the EU has supported Vietnam in promoting development and reducing poverty, and that the two sides are moving towards a more comprehensive relationship.

He noted the benefits provided by the agreements, from boosting trade exchanges and fostering the investment of European countries into various spheres, to helping Vietnam improve its standards to conform to international standards.

Helena König, Chief Negotiator and Deputy Director General for European Trade highlighted the importance of the FTA and IPA between the EU and Vietnam, and affirmed Vietnam's attractiveness, with its growing economic strength and a market of 95 million people.

As Vietnam has signed many FTAs with partners across the world, König said the EU-Vietnam FTA (EVFTA) will help European businesses enhance their competitiveness in Vietnam.

The IPA will help protect European investors doing business in Vietnam, she said, adding that Vietnam's commitments will better protect labourers' rights, protect the environment and promote sustainable development.

At the event, many speakers mentioned the benefits brought about by the agreements and expect Vietnam's ratification of a new Labour Law in 2019 will serve as a legal basis for the ratification of the three fundamental conventions of the International Labour Organization (ILO) in the future, contributing to enhancing global integration capacity.

They said the EVFTA is a good opportunity to expand EU-Vietnam cooperation in forest and environment protection, as well as increase export opportunities for green products.