Garment and textile is one of Vietnam's major export items to the EU

(VOVworld) -  EU Trade Commissioner Karel De Gucht and Vietnam’s Minister of Trade and Industry Vu Huy Hoang on Saturday completed preparations for the launching of negotiations on a bilateral Free Trade Agreement (FTA). On the sideline of the 11th ASEAN Economic Ministers-EU Trade Commissioner Consultation in Phnom Penh, Cambodia, both sides finalized a memorandum of understanding (MoU) on contents of future trade negotiations. The MoU marked a milestone in Vietnam-EU negotiation process. Commissioner De Gucht said the decision shows both sides’ clear desire to develop trade ties and to improve business environment, creating opportunities for traders and consumers and contributing to their economic development. He reiterated the EU commitment to increasing its presence in Asia’s dynamic markets. Both sides agreed on issues to be discussed in future negotiations, including removal of import tariff, non-tariff barriers intellectual properties and competitiveness.

Vietnam will be EU’s 3^rd Southeast Asian partner after Singapore and Malaysia to proceed free trade negotiations. Bilateral trade stood at more than 18 billion euros last year. The EU is one of the largest investors in Vietnam with total investment capital worth nearly 1.8 billion USD.

Do Tuan Anh, VOV correspondent in Cambodia