Vietnam Eu Trade Agreement

  • April 14, 2021
  • Uncategorized

Singapore`s history could be an example from which Vietnam can learn. In 2018, however, Harvard University economist Dani Rodrik said in the Journal of Economic Perspective that if these free trade agreements increase the volume of trade, the distribution of these benefits is another matter: “A trade agreement that is covered by another set of special interests can make things worse as easily as it makes them better.” He also wrote that “such an agreement can distract us from the effective outcome, even if it uses the cover of a free trade agreement and increases the volume of trade and investment. Rodrik stressed that the effects of free trade agreements are fundamentally uncertain and that protectionism is depending on them. With Indonesia`s economy expected to contract by at least 1.6% this year, according to the Economist Intelligence Unit, Jakarta should be interested in boosting trade. But there is one sensitive point in the EU discussions, both with Indonesia and with Malaysia: palm oil. In addition, the TFUE includes geographic indications (GIs) of names or signs used on products corresponding to a specific origin or geographic location. As part of the agreement, Vietnam will recognise and protect 169 g G of the EU (for example. B for some EU wines and cheeses) and the EU will protect 39 Vietnamese GIs (including specified coffees, teas and sauces). The TFUE calls on Vietnam and the EU (which have not yet done so) to ratify the eight core conventions of the International Labour Organization (ILO); (ii) respect, promotion and effective implementation of the ILO`s fundamental principles on fundamental rights in the workplace; and (iii) the implementation of the Paris Agreement and other international environmental agreements, including actions to promote the conservation and sustainable management of animals, wildlife, biodiversity, forestry and fisheries. To this end, independent civil society will be involved in monitoring the implementation of these commitments by both parties. Vietnam has already taken several steps to meet its obligations, including the ratification in June 2019 of ILO Convention 98 on collective bargaining, the adoption of a revised labour code in November 2019 and the adoption of a resolution allowing Vietnam to accede to ILO Convention 105 on the abolition of forced labour in June 2020. On 8 June 2020, the National Assembly of Vietnam unanimously ratified the new free trade agreement between Vietnam and the European Union (“TFUE”) and the UE-Vietnam Parallel Agreement on Investment Protection (EUVIPA). It was preceded by the approval of both agreements by the European Parliament on 12 February 2020.