EU-VN Partnership and Cooperation Agreement officially effective from October

09:58 | 06/10/2016 Cooperation

(VEN) - According to Vietnam’s trade office in Belgium and the EU, the EU - Vietnam Partnership and Cooperation Agreement (PCA) officially became effective on October 1 after being passed by parliaments of all EU member countries.

eu vn partnership and cooperation agreement officially effective from october

Specifically, according to the European Council’s announcement No S 6816/08455 dated September 29 sent to Vietnam’s permanent delegation to the EU in Brussels, all internal legal procedures among institutions of the EU relating to the agreement were competed.

The PCA was signed in Brussels on June 27, 2012, and will serve as a basis for cooperation agreements between the EU and Vietnam, including the EU-Vietnam Free Trade Agreement.

According to the Ministry of Industry and Trade, Vietnam’s export to the EU reached nearly 30 billion EUR last year. As of December 31, 2015, EU member countries had 1,700 projects in Vietnam with a combined investment capital of 21.48 billion USD.

Since Vietnam launched its renewal process, the EU has gradually become one of the country’s leading economic partners and the bilateral relations have developing intensively and extensively.

Vietnam - EU trade and investment relations have generated millions of jobs, contributing to improving the quality of Vietnamese exports to the European market.

Quang Huy