Trade Agreement Enter Into Force

The TFUE is an important step in EU-Vietnam relations and further strengthens bilateral economic integration and trade liberalization on the basis of rules. Vietnam has already taken concrete steps to implement the agreement. For example, in May 2020, the Vietnamese Ministry of Industry and Trade set up five working groups to assist the relevant government authorities on various aspects of the agreement, including the application of origin, certification and legal documentation; conduct market research on the requirements and tastes of EU consumers; Understanding EU management policies and policies that may affect Vietnamese exports; Implement information campaigns on the benefits of the agreement; Fighting fraud in the first place. The TFUE also supports, overall, sustainable infrastructure development, including a preference for the use of renewable energy and energy-efficient goods and services. A specific chapter on non-tariff barriers and investments in renewable energy production includes specific rules on authorisation and authorisation procedures, compliance with existing international standards and local content requirements. Trade agreements help open markets and expand opportunities for U.S. workers and businesses, and can help U.S. companies more easily enter and compete with the global marketplace. The free trade agreement between the Dominican Republic and Central America and the United States of America (CAFTA/DR) was adopted on 1 January 2009 between the United States and Costa Rica, between the United States and Costa Rica, between the United States and the Dominican Republic, on March 1, 2007 between the United States and Guatemala, between the United States and Honduras, on April 1, 2006, and between El Salvador and the United States on March 1, 2006. More than 80% of U.S. exports of consumer goods and industrial products were released from tariffs after implementation and the remaining tariffs were phased out over a 10-year period. Under the U.S. Caribbean Basin Trade Partnership Act, many Central American products have already arrived in the United States duty-free.

CAFTA/DR has consolidated these benefits and made them sustainable, so that almost all consumer and industrial products from Central America now arrive in the United States duty-free. The eighth round of negotiations took place in Mexico City from 8 to 7 January 2018. The ninth round of negotiations began on 12 February 2018 in Mexico City. On 21 April 2018, Mexico and the European Union concluded negotiations for a new global agreement. The new agreement includes political, economic and cooperative aspects to strengthen political dialogue, boost trade and investment and strengthen technical and scientific cooperation between the two sides. On 30 May 2016, Mexico and the European Union formally began talks to update their current free trade agreement. The first round of negotiations for the modernization of the agreement was held in Brussels, Belgium, on 13 and 14 June 2016. The second round of negotiations for the modernization of the agreement was held in Mexico City from 22 to 25 November 2016. The agreement entered into force on August 1, 2006. All bilateral trade in industrial goods and consumer goods will be exempt from tariffs as soon as the agreement enters into force. In addition, Bahrain and the United States will provide immediate duty-free access to virtually all products in their tariff plans and will eliminate tariffs on the handful of remaining products within 10 years.

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