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The final step towards reaching a trade agreement with Vietnam has just been taken by the European Parliament, which has voted in favour of the text that had already been approved by the Commission. The agreement that eliminates nearly every custom tariff between the two blocks was voted by a large majority of 401 votes in favour, 192 against and 40 abstentions.
The disappearance of custom tariffs will be gradual and also predicts the protection of 169 iconic European products. The ratification of the deal was jeopardized by questions concerning labour rights and human rights violations in the workplace. The lengthy negotiation of the deal was due to the difficulty of European authorities in persuading their Vietnamese counterparts of the fairness of their demands.
In this context – as is usual – the agreement predicts binding safeguards on climate protection, labour rights and human rights, with suspending effects in case of violations.
The European Commission estimates that trade between the Union and Vietnam may reach 47.6 thousand million euro, in stark contrast with services, which will not go beyond 3.6 thousand million euro. The Asian nation exports mainly clothing and foods to the European Union.