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Monday,  07/06/2020

EVFTA – important solution to achieve growth targets: minister

Hanoi (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA) is a new stride in the country’s integration process and also an important solution to achieve growth targets of the industry and trade sector amid adverse developments in the global environment.
EVFTA – important solution to achieve growth targets: minister hinh anh 1
The EVFTA is hoped to create a major push for Vietnam’s exports (Photo: VNA)

Minister of Industry and Trade Tran Tuan Anh made the remark at a meeting in Hanoi on March 4 that discussed preparations for the EVFTA implementation as this deal is expected to take effect this July.

He stressed that to reap good implementation results, organisations and agencies of the whole political system, especially the industry and trade sector, need to engage in the work.

Luong Hoang Thai, Director of the ministry’s Multilateral Trade Policy Department, said the EU will finish relevant procedures at the European Council on March 12 and be ready for the agreement enforcement. As it had actively drafted documents for the implementation before the EVFTA was submitted to the European Parliament, the agreement could be carried out immediately.

Meanwhile, Vietnam has also completed much work in this regard, he noted, adding that the Ministry of Industry and Trade (MoIT) has submitted a dossier on the EVFTA ratification to the Government, and the Government’s Office has asked the Ministry of Justice to coordinate with other ministries and sectors to consider legal documents that need to be issued or amended to implement the EVFTA.

Thai said to accelerate the ratification, the MoIT should step up working with the Government’s Office, the President’s Office and the National Assembly’s Committee for External Relations to finish the dossier seeking ratification and serve legislators’ verification of the EVFTA and adoption consideration.

The EVFTA, along with the EU-Vietnam Investment Protection Agreement, was ratified by the European Parliament on February 12.

The two documents were signed in Hanoi on June 30 last year, featuring intensive, extensive and comprehensive commitments covering economy, trade, investment and sustainable development issues.

The EVFTA, in particular, is hoped to create a major push for Vietnam’s exports and help diversify the country’s export markets./.

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