BRUSSELS – Fair Wear Foundation has welcomed a new trade agreement between the EU and Vietnam which builds in commitments for improving labour rights in local garment supply chains. The European Parliament recently jointly ratified the EU-Vietnam Free Trade Agreement (EVFTA) and EU-Vietnam Investment Protection Agreement (EVIPA). According to the European Union, “this is the most modern and ambitious agreement ever concluded between the EU and a developing country.”
Under the EVFTA, Vietnam will cut 65 per cent of import tax on EU commodities when the deal takes effect in 2020, while the remainder will be removed over a 10-year period. Meanwhile, the EU will cut more than 70 per cent of tariffs on Vietnamese commodities from 2020, while the remainder will be abolished in the seven subsequent years. The EU is set to be one of the biggest beneficiaries of the EVFTA following its ratification.
This is Premium Content
Only user with Online and Print subscription can access this.
If you are a Free Subscriber, click here to upgrade.
If you already have Online or Print subscription Login To Unlock The Content!