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The EU’s New-Generation Trade Agreement with Vietnam – Opportunities and Challenges for Mutual Trade in Goods
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Abstract
RESEARCH OBJECTIVE: This work aims to discuss key provisions and the importance of the agreement with Vietnam (EVFTA) from the point of view of mutual trade. To show the effects of the liberalisation of trade in goods, including its opportunities and challenges, the article describes the volume and structure of bilateral trade in recent years.
THE RESEARCH PROBLEM AND METHODS: Empirical research centred around an agreement signed between the EU and Vietnam, which is the third new-generation trade agreement entered into by the EU with an Asian country. To achieve the research objective, empirical methods (indirect observation and description) and general methods, including deduction and induction, were used.
THE PROCESS OF ARGUMENTATION: The first part presents the preferential agreements concluded by the EU, in particular the new generation of trade agreements. Next, the most important provisions of the agreement with Vietnam are put forward. The last part discusses the trade in goods between the EU and Vietnam in the context of the EVFTA.
RESEARCH RESULTS: The agreement concluded with Vietnam offers many opportunities for both parties. For the European Union the EVFTA facilitates access to a promising Asian country. In the case of Vietnam, the elimination of barriers will benefit key export industries, including the manufacture of smartphones and electronic products, textiles, footwear and certain agricultural products.
CONCLUSIONS, INNOVATIONS, AND RECOMMENDATIONS: Relatively too short a period of time has elapsed since the entry into force of the agreement, therefore it is not possible to comprehensively assess its importance to bilateral trade relations. Such research should be continued in the future. In particular, this concerns research into the effects of liberalisation of mutual trade after the end of transition periods applicable to the elimination of barriers to trade – 7 years for the EU and 10 years for Vietnam respectively.
Keywords
Free Trade Agreements (FTAs) ; second- (new-)generation free trade agreements ; EVFTA ; customs duties ; non-tariff barriers
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