After years of talks, Vietnam signs free trade deal with four European countries
Agreement signed in Hanoi
Vietnam signed the agreement with the European Free Trade Association, whose members are Norway, Switzerland, Iceland and Liechtenstein. The signing took place in Hanoi on Sunday. The deal covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas. It also waives or lowers customs duties, including on industrial, fish and agricultural products.
The article describes Vietnam as Southeast Asia’s fastest-growing economy. The agreement is between Vietnam and the four European countries that make up EFTA.
Negotiations took years
Official talks between Vietnam and EFTA started in 2012. They were interrupted in 2018 and resumed last year. The agreement was signed after those negotiations, though the article does not give further details about the timing of the resumed talks.
Tariffs and trade value
About half of Norway’s exports to Vietnam will enter tariff-free under the deal, the Norwegian government said. It said more than 98% will be tariff-free within seven years. EFTA reported that trade between the association and Vietnam was worth €4.8 billion ($5.4 billion) last year.
Key points
- Vietnam and EFTA signed the agreement in Hanoi on Sunday.
- The deal covers goods, services, intellectual property, trade remedies and sustainable development.
- More than 98% of Norway’s exports to Vietnam are to be tariff-free within seven years.
- EFTA put last year’s trade with Vietnam at €4.8 billion ($5.4 billion).