Brussels, 18/03/2014 (Agence Europe) - Hanoi is redoubling its efforts to wind up its negotiations for a trade agreement with the EU by the next EU-ASEM summit in Europe in October.
The visit of European Commissioner for Trade Karel De Gucht to Vietnam on 17 March, the first leg of his four-day tour of South East Asia, enabled him to review - with Vietnam's Prime Minister Nguyen Tan Dung and Minister for Trade Vu Huy Hoang - the free-trade negotiations that were started in June 2012 and are now nearing an end. De Gucht's visit coincided with the seventh and final round of negotiations in Hanoi on 17-21 March.
After his meeting with De Gucht, Dung said he was convinced that the two parties will cooperate closely in order to wind up these negotiations by October, and he stated that Vietnam will do its utmost on this. Dung also suggested that the EU recognise Vietnam as a full market economy as soon as possible, local press reported on 18 March. De Gucht assured Hanoi of the EU's cooperation to bring the free-trade negotiations to an end quickly.
The free-trade agreement will cover trade in goods and services, investment, public procurement, intellectual property rights (including geographical indications), non-tariff barriers, animal and plant health and issues of hygiene, technical obstacles to trade, customs cooperation and the facilitation of trade, and also trade and sustainable development.
In 2013 Vietnam became the EU's fourth biggest trading partner in the ASEAN region. In 2012 bilateral trade stood at €24 billion, including €18.5 billion in exports from Vietnam to the EU. The EU is one of the main investors in Vietnam, with a total commitment there of €1.37 billion. EU exports consist largely of high technology products (electric machines and equipment, planes, vehicles, pharmaceutical products, iron and steel). Telephones, electronic products, shoes, textiles and clothing, coffee, rice, fish products and furniture comprise the main part of Vietnam's exports to the EU. (EH)