MEP: Conclusion negotiations EU-Vietnam trade deal good step

Member of the European Parliament Marietje Schaake welcomes the conclusion of the bilateral trade agreement between the EU and Vietnam which the European Commission and the Vietnamese government will today. Schaake: "This is the most ambitious deal that the EU has signed with a developing country. The agreement removes barriers for European companies in Vietnam by lowering tariffs, ensuring fair treatment and opening important sectors that were previously closed. Vietnam is a growing economy, so that means it provides opportunities." Sustainable development The treaty between the EU and Vietnam contains a chapter on sustainable development with agreements that both sides need to adhere to. Schaake: "It is important that trade is seen as an instrument that also helps strengthen principles and values. That is why this deal also contains commitments on for example labour rights and the environment. There are also concerns about human rights in Vietnam. We have asked the Commission to address these. With this deal, which is based on respect for human rights, we have leverage which we should use as a part of other EU foreign policy, such as development." Investment protection Investment protection is also a part of the EU-Vietnam agreement. For the first time, the EU has implemented the new model, as it was presented earlier in the context of the negotiation between the EU and the US. Schaake: "Our businesses need protection abroad against illegitimate actions by governments. In countries where the rule of law is not a given, this is even more important. But the current mechanism does not work. It is good that the Commission, under pressure from the Parliament, is committed to improvement and modernisation. The old ISDS can be put to rest now the Commission is actually implementing the new system. We need to set a worldwide standard, with an international court as ultimate goal." The press conference on the EU-Vietnam trade deal will be live streamed here at 15:15.   See also: Oral Question & plenary speech on human rights in EU-Vietnam trade negotiations (November 23)