Vietnam, EFTA ink free trade deal after 14 years of negotiations

Vietnam and the European Free Trade Association (EFTA) inked a free trade agreement on Sunday after 14 years of negotiations, local media reported.

The long-awaited deal was signed in the capital Hanoi, local English-language news outlet VnExpress reported, citing Vietnam’s Industry and Trade Ministry.

The signing ceremony was attended by Vietnamese President To Lam, Industry and Trade Minister Le Manh Hung, and Swiss President Guy Parmelin, along with representatives from other EFTA member states.

The comprehensive agreement covers a wide range of key areas, including trade in goods, encompassing tariffs, technical barriers to trade, sanitary and phytosanitary measures, customs and trade remedies, as well as trade in services, investment, intellectual property, government procurement, dispute settlement, and sustainable development, the report said.

Vietnam’s main exports to EFTA markets include seafood, footwear, textiles and garments, machinery and equipment, electronics and components.

Imports from EFTA mainly comprise machinery, industrial equipment, chemicals, pharmaceuticals, and production materials.