Tag Archive: trade

  1. Vietnam ratifies free-trade agreement with EU

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     On 8 June 2020, deputies in the Vietnamese  National Assembly voted by over 94% in favour of the European Union Vietnam Free Trade Agreement (EVFTA).

    The EVFTA is expected to come into force from 1st August 2020. From that date onwards, approximately 65% of EU exports to Vietnam and 71 % of EU imports from Vietnam will be exempted from custom duty.

    The agreement will cut or eliminate 99% of tariffs on goods traded between the Southeast Asian country and the EU.

    It will open up Vietnam’s services, including post, banking and shipping and public procurement markets, align some standards and protect EU food and drinks, such as French champagne or Greek feta cheese, from imitations in Vietnam.

    The EVFTA is the European Union’s second deal with a member of the Association of Southeast Asian nations (ASEAN) after Singapore.

    Critics in Europe have taken issue with Vietnam’s record on human and labour rights, although the deal does include commitments in those areas.

    The World Bank said in May the EVFTA could boost Vietnam’s gross domestic product and exports by 2.4% and 12% respectively by 2030 and lift hundreds of thousands of people out of poverty.

    Such benefits are particularly urgent to lock in positive economic gains as the country responds to the Covid-19 pandemic,” the World Bank said.

    Electric bicycles imported from Vietnam are currently subject to 2.5% import duty.

     

    Photo by Jack Young on Unsplash

  2. Commission publishes report on the impact of coronavirus on EU trade

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    The current world health crisis will result in a decline of 9.2% in EU exports and 8.8% in EU imports from third countries in 2020, according to the EU Chief Economist note, based on the estimated decline in GDP worldwide.

    The increasing spread of the virus has prompted many governments to temporarily shut down businesses, and restrict travel and the movement of people. These measures will lead to sharp contractions in the level of economic output, household spending, investment and international trade.

    While there is a wealth of forecasts on GDP growth in 2020, there is a limited range of work done on trade projections for 2020, in particular for EU trade.

    The analysis outlined in this note is one of the few attempts at predicting the impact of the COVID19 outbreak on trade flows. In order to test the robustness of this analysis, results are also compared to the latest WTO trade forecasts published on 8 April.

    Read the report

    Photo by chuttersnap on Unsplash

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