Vietnam Free Trade Agreement With Eu

The central element of the TUE IS The near-total abolition of tariffs between the EU and Vietnam, including the abolition of more than 99% of tariffs in ten years. Immediately after entry into force, 65% of EU exports (by product type) to Vietnam and 71% of Vietnamese exports to the EU will be exempt from tariffs. Tariffs on other EU products will be progressively liberalised over a period of time and tariffs on some Vietnamese products will be reduced over a seven-year period. The TFUE also provides for tariff quotas for some remaining agricultural products, for which import duties are not phased out. Under the free trade agreement, Vietnamese exporters can apply for EUR.1 certificates within the first two years of the free trade agreement coming into force on 1 August 2020. Subsequently, the original declarations can be made under the «approved exporter» mechanism. Licensed exporters can be certified themselves, which is comparable to the REX system. If the «approved exporter» system is applied, Vietnam must inform the EU. Vietnamese nights may continue to apply the preferential tariffs of the General Regime (GSP) if they are more favourable up to two years after the forthcoming entry into force of the CEFTA (for example. B until August 1, 2022). In order to benefit from GSP tariffs, exporters would have to comply with GSP rules applicable to preferential countries of origin and make a declaration of origin. Only one registered exporter (for example. B registration in the REX system) can file an original declaration.

Form A will no longer be issued by Vietnamese customs authorities from 1 July 2020, except in exceptional cases (for example. B the exporter`s REX registration has not yet been registered if additional requirements were to be met). The free trade agreement will also include a legally binding link with the EU-Vietnam Partnership and Cooperation Agreement (APC) signed in June 2012, which contains a human rights clause and provisions on human rights cooperation. Vietnam has free trade agreements with many countries in the region, such as Japan, South Korea, etc. Another important free trade agreement in which Vietnam participates is the Trans-Pacific Partnership. It covers countries bordering the Pacific Ocean, such as Japan, Chile, Canada and Australia. With the United States withdrawing from the negotiations, the remaining 11 countries continued negotiations and agreed on the new comprehensive and progressive agreement for the Trans-Pacific Partnership (PPAC). The importance of the CPTPP for Vietnam is much less important than the TPP would have been, given that Vietnam had already concluded free trade agreements with the remaining 11 countries, either bilaterally or through the ASEAN Pact.

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