Vietnam and the EU on Sunday signed a free trade deal that will open up new opportunities for the development of trade relations between the EU bloc and one of the most rapidly developing economies in South Asia, DW reported.
The document was signed by the European Commissioner for Trade, Cecilia Malmstrom, and the Minister of Commerce of Vietnam, Tran Tuan Anh , in Hanoi, the capital of Vietnam.
According to the deal, almost all tariffs on goods will be lifted between Vietnam and all 28 EU member states.
From the moment of signing the deal, the EU will remove 85% of tariffs on Vietnamese goods.
Vietnam will remove 49% of its export tariffs from the EU. The remaining tariffs will be lifted within 10 years.