How will tariffs be reduced under the new trade pact?

Question

Accepted Answer

Tariffs to be Significantly Reduced Under EU-Vietnam Free Trade Agreement

The EU-Vietnam Free Trade Agreement (EVFTA) is set to eliminate 99 per cent of tariffs between the European Union and Vietnam. While the majority of tariffs will be removed immediately, some reductions will occur over a 10-year period, with certain goods, particularly agricultural products, subject to quota limitations.
Elimination of Most Tariffs

The core of the EVFTA involves a comprehensive tariff reduction plan, with the stated aim of removing 99 per cent of duties on goods traded between the EU and Vietnam. This significant liberalization is expected to reshape bilateral trade dynamics.
Phased Reduction and Quotas for Specific Goods

Not all tariff eliminations will be immediate; some will be implemented gradually over a decade. Furthermore, specific categories of products, notably agricultural items, will have their tariff reductions capped by quotas, indicating a more controlled approach for sensitive sectors.
Ambitious Trade Deal with Developing Nation

The European Union has characterised the EVFTA as its most ambitious free trade agreement ever concluded with a developing country. This designation highlights the depth of the economic integration envisioned by the pact, which was signed in Hanoi after negotiations concluded in December 2015.

Reading history

Hide →

This history is cleared when the page is closed.

How will tariffs be reduced under the new trade pact?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends