(VOVWORLD) - The European Parliament (EP)'s Committee on International Trade (INTA) has held an opening hearing on the Free Trade Agreement (FTA) and the Investment Protection Agreement (IPA) between Vietnam and the European Union (EU).
 Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the hearing (Source: VNA) |
Addressing the event, the Head of the Vietnamese delegation to the hearing, Deputy Minister of Industry and Trade Tran Quoc Khanh, said Vietnam is becoming ever more integrated into the world as it continues to join many international conventions and maintains trade partnerships with many countries. Amid increasing protectionism, Vietnam firmly supports multilateral relations based on consistent principles, he stressed.
In the course of confirming Vietnam and the EU to be considerable partners, Khanh said the EU has supported Vietnam in promoting development and reducing poverty, and that the two sides are moving towards more comprehensive relations.
He noted the benefits brought by the agreements, from boosting trade exchange and fostering investment of European countries into various spheres, to helping Vietnam improve its standards to conform with 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 proclaimed Vietnam an attractive trade partner, 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 competitiveness in Vietnam. The IPA will help protect European investors doing business in Vietnam, she said, adding that Vietnam's commitments will better protect labor rights, as well as protect the environment and promote sustainable development.
At the event, many speakers made mention of the benefits brought about by the agreements, and sounded expectations that Vietnam's ratification of a new Labor Law in 2019 will serve as a legal basis for the ratification of the three fundamental conventions of the International Labor Organization (ILO) in the future, contributing to enhancing global integration capacity. They said EVFTA is a good opportunity to expand EU-Vietnam cooperation in forest and environmental protection, as well as a means of increasing export opportunities for green products.