EU, Vietnam Move Closer to Starting Trade Negotiations

EU Trade Commissioner Karel De Gucht and Vietnamese Minister of Industry and Trade Vu Huy Hoang recently concluded preparations for starting negotiations on a bilateral free trade agreement in Cambodia. Meeting in the margins of the 11th ASEAN-EU Economic Meeting in Phnom Penh, they concluded a scoping paper that covered the topics to be included in future trade negotiations. The completion of this preparatory work is an important stepping stone towards launching trade negotiations with Vietnam, because it sets out the framework for the negotiations.

 

Both sides have agreed on ambitious targets for the areas to be covered in the upcoming negotiations for a free trade agreement. The negotiations will cover a broad range of issues including elimination of import tariffs, trade in services, non-tariff barriers to trade and the trade aspects of rules relating to intellectual property and competition.

 

The aim of the preparatory work is to make sure that both parties go into the negotiation with the same objectives. The EU has conducted similar preparatory work, known as "scoping exercises", with other countries, which have proven useful for subsequent negotiations, as the basic parameters are set from the beginning.

 

The Commission will consult with Member States before the European Union and Vietnam launch the negotiations.

 

Vietnam would be the third partner of the EU in the ASEAN region, after Singapore and Malaysia, with whom it has started negotiations on free trade agreements.