Trade Agreements Blog

News and Resources to Help Your Business Manage Trade Agreements

According to ICTSD, the EU and Vietnam announced this week that the two nations will be starting negotiations to enter into a bilateral free trade agreement.

Vietnam wishes to increase its exports to help its economy, hit especially hard by the recent economic downturn. Prior to joining the WTO in 2007, Vietnam worked to modernize its economy.

Says ICTSD:

Photo by Moonlightbulb

If a deal is agreed, Vietnam’s primary commodities exports – crude oil, seafood, rice, coffee, rubber, tea, garments and shoes – could secure much easier access to the European market of more than 500 million consumers. The EU, meanwhile, would gain a promising new market for its exports of machinery, autos, farm products, and pharmaceuticals.

Trade between the EU and Vietnam totalled nearly €12 billion in 2008 and grew an average of nearly 12 percent per year between 2004 and 2008, the European Commission said in a statement.

With its recent trade agreements South Korea, Canada, Peru, and Colombia the EU is building a cluster of free trade agreements, opening its trade to many countries as an effort to jump start trade recovery.

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