(VOVworld) - Prime Minister Nguyen Tan Dung and President of the European Commission Jean Claude Junker on Wednesday witnessed the signing of an agreement officially ending negotiations on Vietnam-EU Free Trade Agreement.

PM Nguyen Tan Dung (L) meets with President of the EC Jean-Claude Juncker.

Vietnam has become one of the first ASEAN countries that concluded negotiations on a free trade agreement with the EU. Prime Minister Nguyen Tan Dung said Vietnam hopes the EU will soon ratify the FTA and recognize Vietnam’s market economy status.

He said: “the Vietnam-EU relationship has developed steadily and comprehensively in all political, cultural and social pillars. The FTA symbolizes economic-trade ties and development cooperation between Vietnam and the EU. We hope the EU will soon ratify the Partnership and Cooperation Agreement in early 2016. To deepen the Vietnam-EU cooperation, both sides need to strengthen exchanges, consultations and cooperation in areas of their potential including ICT, high technology, renewable energy, new materials, consumption goods, agro and fisheries production, financial services, investment, healthcare, education, environmental protection, and climate change adaptation”.

In his address after the signing ceremony, the two leaders said the EVFTA is an important legal document that secures the balance of interests for both sides in economics, trade, and investment, creates a free and open environment for businesses and investors from Vietnam and the EU.

PM Dung said Vietnam is ready to act as a bridge for EU firms to penetrate the ASEAN and Asia-Pacific markets.

PM Nguyen Tan Dung (L) meets with President of the European Council Donald Tusk.

On this occasion, Prime Minister Nguyen Tan Dung, President of the European Council Donald Tusk, and President of the European Commission Jean-Claude Juncker issued a Press Statement on the Vietnam-EU ties.

In the first ever statement between the two EU leaders and Vietnamese PM, they expressed their satisfaction at the development of the bilateral ties, especially the conclusion of the negotiations of a EU-Vietnam Free Trade Agreement.

They agreed to step up the EU to complete internal procedures leading to the ratification and full implementation of the Agreement.

Leaders of both sides underlined the importance of maintaining maritime security, freedom of navigation and overflight in the East Sea, resolving territorial and maritime disputes through peaceful means in accordance with universally recognised principles of international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS). They showed their support for the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea (DOC) and the expeditious conclusion of an effective Code of Conduct in the East Sea (COC).