The European Parliament Committee on International Trade (INTA) on January 21 approved a resolution asking for the European Parliament (EP)’s ratification of the European Union – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA).

Illustrative image (Photo: VNA)

Approval votes for the two agreements are the highest compared to the voting of several recent FTAs between EU and partners, proving EU parliamentarians and member states’ appreciation for Vietnam’s role and position in the world, as well as the comprehensive cooperative partnership between Vietnam and the EU.

According to several studies, the EVFTA and EVIPA are expected to help Vietnam’s gross domestic product (GDP) grow by 4.6 percent and exports to the EU up 42.7 percent by 2025.

The European Commission estimated that the EU’s GDP will increase by 29.5 billion USD and exports to Vietnam pick up 29 percent by 2035.

Via the deals, Vietnam will have a chance to tap the commitments on access to goods markets, services, investment and sustainable development to propel sustainable and inclusive growth, as well as step up widespread global economic integration.

On the EU side, the deals will contribute to further deepening the partnership between the EU and Asia-Pacific countries, including ASEAN member states.

During the EVFTA and EVIPA ratification process, the Vietnamese Foreign Ministry has worked closely with the National Assembly’s Committee on External Relations and agencies concerned to incorporate the deals’ issue into meetings between the country’s Party and State leaders with EU officials within the bilateral framework as well as on the sidelines of international forums such as the Asia-Europe Meeting, the World Economic Forum and inter-parliamentary forums.

In collaboration with the Ministries of Industry and Trade, Labour, Invalids and Social Affairs, and Public Security, the Foreign Ministry actively held discussions with EU partner agencies about preparations to implement commitments on trade and investment, sustainable development, labour, as well as mechanisms to supervise and implement the agreements.

The Vietnamese embassies and delegations to Belgium and the EU, along with Vietnamese representative agencies in EU countries also carried out many communication activities and held talks with local parliamentarians and partners to step up the ratification.

With support from INTA, the documents on approving EVFTA and EVIPA will be submitted to the EP for consideration in the near future.