Together with the signing of the Partnership and Cooperation Agreement, concluding negotiations on a free trade agreement (EVFTA) will mark significant progress in bilateral ties between Viet Nam and the European Union (EU), stated a European Commission (EC) official.

Footwear is one of major Vietnamese products shipped to the EU

Joseph Waldstein Wartenberg, Press Officer for Trade at the EC, said Viet Nam is a trustworthy friend and partner of the EU, adding that the union attaches importance to developing a partnership with Viet Nam, especially in economics and trade.

The two sides are scheduled to continue free trade agreement discussions on March 24, which is believed to be the final round to settle any remaining differences before the signing of the agreement.

The EVFTA is expected to fuel growth and job generation in both Viet Nam and the EU, Wartenberg held.

He noted that EU is the second largest trade partner of Viet Nam with 2013 trade hitting 27 billion EUR, including 21 billion EUR of EU’s imports from the Southeast Asian country. Viet Nam is the fourth largest trade partner of the EU among ASEAN countries, and the 30th among the union’s global trade partners.

Commenting on the Vietnamese economy, Wartenberg said the country is one of the most rapidly developing ASEAN countries and serves as an outstanding example of an open trade market.

With its young and skilled workforce, the country has great potential for a trade and investment partnership with the EU, he said.

The official asserted that the EVFTA is an ambitious and comprehensive deal in terms of goods, services, investment and government purchase. Apart from the removal of tariff and non-tariff barriers, both sides are working to settle other issues related to trade, legal matters, competition, intellectual property, and geographical indication, he revealed.