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EU, Vietnam to sign free trade agreement

EU trade Commissioner  Cecilia Malmstrom speaking at the press conference
EU trade Commissioner Cecilia Malmstrom speaking at the press conference
BRUSSELS, Oct 17 (KUNA) -- The European Commission adopted Wednesday the EU-Vietnam trade and investment agreements, paving the way for their signature and conclusion.
EU Commissioner for Trade Cecilia Malmstrom told a press conference in Brussels today that "Vietnam has massive potential for EU exporters and investors to do business, both now and in the future. It is one of the fastest-growing economies in Southeast Asia, with a vibrant market of more than 95 million consumer." The trade agreement will eliminate virtually all tariffs on goods traded between the two sides, she said.
Alongside the free trade agreement recently reached with Singapore, this agreement will make further strides towards setting high standards and rules in the ASEAN region, helping to pave the way for a future region-to-region trade and investment agreement, she noted.
Vietnam is the EU's second largest trading partner in the Association of Southeast Asian Nations (ASEAN) after Singapore, with trade in goods worth 47.6 billion euro (USD 54.9 billion) a year and 3.6 billion euro (USD 4.1 billion) in services.
Meanwhile, EU and Singapore will sign the free trade agreement at the sidelines of the EU-ASEAN summit in Brussels on Friday.
With Vietnam, the European Commission will now submit to the EU Council of Ministers the proposals for signature. Once authorised by the Council, the agreement will be signed and presented to the European Parliament for consent. (end) nk.mt