(VOVWORLD) - The European Commission announced Tuesday that the EU-Vietnam Free Trade Agreement (EVFTA) signed last June, will officially take effect on August 1.
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 Frogs are processed at the Tan Thanh Loi Limited Company in Long An province
(Photo: VNA)
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When it comes into effect, the EVFTA will eliminate 65 percent of the tariffs on imports from the EU to Vietnam. The rest will be phased out gradually over a period of 10 years. Meanwhile, 71 percent of EU imports from Vietnam will be tariff-free once the agreement enters into force, rising to 100 percent over the following 7 years.
The EU-Vietnam trade deal also contains important provisions on intellectual property protection, labour rights, and sustainable development. It includes commitments to implement International Labour Organisation core standards and UN conventions on climate change and the protection of biodiversity.