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The EU-Vietnam Trade Agreement to be signed on 30 June 2019
The Federation of Sports & Play Associations (FSPA) is pleased to announce that on 25June 2019, the European Council officially approved the signature of the EU-Vietnam FTA (EVFTA) agreement.
This will mean that, for textiles and clothing, EU import duties of these products from Vietnam will be eliminated over an eight-year phase-out period once the agreement comes into force.
Garments produced in Vietnam from fabrics made in South Korea or other ASEAN countries with which the EU has a free trade agreement will also qualify for duty-free treatment.
FSPA Director of General Affairs, Jane Montgomery, explains: “Ensuring that the agreement was signed before the summer break has been one of the key priorities for the FSPA and the Federation of the European Sporting Goods Industry (FESI) over the past few months. It will allow the new Members of the European Parliament to work on this agreement as soon as they arrive in Brussels.”
The agreement will be officially signed on Sunday 30 June in Hanoi between Commissioner for Trade Cecilia Malmstrom, Romanian Trade Minister Stefan-Radu Oprea and Vietnamese Trade Minister Tran Tuan Anh.
“After the summer break, the recently elected Members of the European Union will start working on the agreement,” adds Jane. “The consent of the European Parliament is required for the agreement to enter into force. The FSPAwill continue to engage with UK Government and MEPs to ensure a positive vote in the INTA committee and in the plenary. The timeframe remains uncertain, but we expect most of the parliamentary work to take place during Q3/Q4 2019.”
Publication in the official journal and entry into force will take place shortly after the Parliament gives its consent to the agreement.