Agribusiness will bloom with EVFTA’s tariff cuts, illustration photo After seven years of negotiations, Vietnam and the EU are currently completing final procedures to sign the bilateral free trade agreement (EVFTA) in October or November. The deal is expected to take effect in 2019. Once the EVFTA takes effect, the EU will open its doors to Vietnam’s agri-food immediately, creating scores of opportunities for the Southeast Asian nation – a major exporter of farm produce – to penetrate further into the EU market with its population of over 500 million people. Specifically, the EU will, upon the deal’s entry into force, eliminate 94 of the total 547 tariff lines on vegetable and fruit products, many of which are Vietnam’s strengths, including lychees, rambutans, longans, dragon fruit, pineapples, and melons. Currently, the average tariff rates applied to these products are high, at 10-20 per cent. “This EU commitment will give major advantages to Vietnam’s vegetable and fruit products in the EU market, especially considering that these products have to fiercely compete with those imported from Thailand and China into the EU,” said a recently released report by the Vietnam Chamber of Industry and Commerce. Ayuo Takahashi, vice director of a large… Read full this story
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