The recent ratification of EVFTA and EVIPA by the
European Parliament (EP) has both strategic and economic importance in the
relations between Vietnam and the EU, Permanent Deputy Foreign Minister Bui
Thanh Son said.
Permanent Deputy Foreign Minister Bui Thanh Son
In an interview granted to Vietnam News Agency
correspondents in Paris on February 12, Son further said the ratification
has opened up new horizons for more intensive, comprehensive and effective
bilateral cooperation 30 years after the establishment of diplomatic ties.
The EP has given the green light for the
implementation of the EVFTA and created a premise for EU member states to
consider and ratify the EVIPA, he added.
The diplomat said the approval of the two agreements
with a high number of votes in favour illustrated the great importance and
high valuation EU members and parliamentarians give to the role and position
of Vietnam and the EU-Vietnam comprehensive cooperative partnership.
The two deals are expected to create long-term
bilateral cooperation frameworks towards equality, mutual benefits, and
contributions to promoting international economic connectivity and
sustainable development, Son said.
The ratification also affirmed the EU’s policy of
continuously strengthening cohesion with Asia-Pacific in general and the
Association of Southeast Asian Nations (ASEAN) in particular.
As the ASEAN Chair in 2020, Vietnam is ready to
promote multi-faceted cooperation between the EU and ASEAN, he said.
The EP’s vote to ratify the EVFTA and EVIPA at the
beginning of its new tenure indicates huge mutual economic benefits, Son
said, adding that the EVFTA will create opportunities for EU businesses to
access the market of a population of nearly 100 million in Vietnam and
penetrate other ASEAN markets.
The approval of the first high-quality FTA between
the EU and a developing country shows the union’s determination to promote
rules-based trade and investment liberalisation. This is significant in the
context of increasing protectionism, he added.
The EP ratified the EVFTA and EVIPA on February 12.
The EVIPA was passed with 407 votes for, 188 against and 53 abstentions; and
the EVFTA, with 401, 192 and 40, respectively.
According to research by the Ministry of Planning
and Investment, the two deals will help Vietnam increase its GDP by 4.6
percent and its exports to the EU by 42.7 percent by 2025. Meanwhile, the
European Commission has projected the EU’s GDP to increase by 29.5 billion
USD and its exports to Vietnam by 29 percent by 2035./.VNA