The EU and Vietnam have approved a new free trade agreement worth £20 million a year for UK businesses exporting to Vietnam.
The EU and Vietnam have today (2 December 2015) approved a new free trade agreement that will ease trade of products and services between the UK and Europe with the Vietnamese market. In practice the deal means 99% of tariffs will be eliminated – worth £20 million a year for UK businesses exporting to Vietnam.
Commenting on the deal, the Business Secretary Sajid Javid said:
Today’s free trade agreement with Vietnam, the most ambitious and comprehensive the EU has ever concluded with a developing country, is great news for British businesses enabling access to a fast-growing market of 90 million people in one of the most dynamic regions in the world – boosting export opportunities for our world-class food and drink, pharmaceutical and aeronautical sectors to benefit our long-term economic security.
International Development Secretary Justine Greening said:
Vietnam is a development success and UK aid has helped it make great progress on creating jobs, boosting incomes, growing its economy and reducing poverty.
This free trade agreement reflects our changing relationship with Vietnam. It shows how our investment in overseas development can help build prosperity and stability, our trading partners today and in the future, and serve Britain’s interest.