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| At a hearing of the Vietnam-EU FTA in November 2013 (Photo:VNA) |
According to Tuyen, who was also former Trade Minister, both sides are likely to sign the trade pact during Prime Minister Nguyen Tan Dung’s scheduled visit to the EU this October.
In Brussels, 12 working groups of Vietnam and the European Union examined a number of issues related to trading of goods and services, investment, customs cooperation, the rule of origin, competition, sustainable development, institution and legislation.
They worked out solutions for satisfying their requirements. The EU demands Vietnam further open its market, especially for services and government procurement. Vietnam is keen to facilitate trade.
Tuyen said they need to strike an overall balance of their interest, taking into account Vietnam’s low-development level.
If the trade pact is signed, Vietnam will first create a sound and transparent investment environment for EU businesses. It will also help Vietnam boost key export commodities such as garments, footwear and seafood, and generate jobs for local people.
Mauro Petriccione, Director at European Commission's Directorate General for Trade, EU chief negotiator, acknowledged both sides’ efforts in addressing differences during the talks, saying they had found common ground on sensitive issues.
He said the signing of the agreement greatly depends on technical and legal work, but expressed his belief the FTA will be reached this year.
