Ministry implements procedures for EVFTA ratification
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TIN LIÊN QUAN | |
European Council passes final procedure for EVFTA | |
EVFTA – important solution to achieve growth targets: Minister |
According to the ministry, the European Council on March 30 passed a decision to ratify the EVFTA, which was approved by the European Parliament on February 12.
Once ratified by the Vietnamese National Assembly in May this year, the EVFTA will officially take effect. |
Once ratified by the Vietnamese National Assembly in May this year, the deal will officially take effect, it added.
Under the agreement, Vietnam will cut 65 percent of import tax on EU commodities right after the deal takes effect, while the rest will be erased over a 10-year period. Meanwhile, the EU will cut more than 70 percent of tariffs on Vietnam's commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.
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