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Dec
08

Eu-Vietnam Free Trade Agreement And Investment Protection Agreement

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The TFUE provides for Vietnam`s commitment to the World Intellectual Property Organization (WIPO) as a means of preventing unauthorized access to creative works and protecting materials exchanged through digital networks, including the internet. In particular, Vietnam has committed to joining the WIPO Copyright Treaty (1996) and the Performance and Phonogram Contract (1996) within three years of the effective date of THE TUEFTA. According to reports, the Vietnamese government is in the process of completing its internal procedures and the necessary documents to accede to the two treaties. The TFUE also includes strict provisions for trademark protection, patents, designs, plant varieties and data protection (five years) for pharmaceutical, biological and agrochemical products. The EU`s bilateral trade and investment agreements with Vietnam in March 2020 and the trade agreement are expected to enter into force this summer, following Vietnam`s final ratification. The agreements with Vietnam are the second (after those with Singapore) between the EU and a South-East Asian country and are springboards for stronger engagement between the EU and the region. The free trade agreement will consist of two parts, one for trade and one for investment, covering 95% and 5% respectively. In accordance with the opinion of the European Court of Justice on the EU-Singapore free trade agreement, it will probably be decided that the European Parliament will be solely competent in the trade field because of the European internal market and that, therefore, the trading part will enter into force immediately after ratification by the European Parliament. The investment part requires ratification by the European Parliament and all EU Member States.

The effects of the investment part are applied on an interim basis, subject to the completion of the ratification process. With regard to intellectual property rights, Vietnam is committed to achieving a high level of protection that goes beyond the standards of the WTO TRIPS agreement. This agreement better protects innovation, artwork and trademarks in the EU from illegal copying, including through stricter enforcement rules. Vietnam is committed to investing in production in a number of key sectors such as food and beverages, fertilizers and nitrogen composite materials, tires and pipes, gloves and plastic products, ceramics and building materials. On 30 June 2020, the European Union (EU) and Vietnam signed a Free Trade Agreement (FTA) 1 and an Investment Protection Agreement. The free trade agreement will enter into force on 1 August 2020 and will liberalise the majority of import duties imposed by the EU and Vietnam on goods from the other country. The EU will liberalise 71% of its imports from Vietnam when it enters into force and 99% after seven years. Vietnam will liberalise 65% of its imports from the EU when it enters into force, and the rest of the trade, with the exception of some products, will be liberalised after ten years.

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