European Parliament approves milestone trade and investment protection agreements with Vietnam.
Together towards growth and sustainability
Today, Members of the European Parliament adopted the EU-Vietnam free trade agreement and the investment protection agreement, opening market opportunities and triggering investments in both directions. Renew Europe welcomes today’s broad support in Plenary for a new trade chapter with Vietnam, since it will not only generate closer economic ties but will also help engagement with the country when it comes to promoting labour and environmental standards as well as sustainable fisheries. Renew Europe stresses that by working more closely together, also other areas of cooperation, including on human rights, can be and should be further enhanced.
Karin Karlsbro, Shadow Rapporteur on this file and Coordinator of the INTA Committee, said today:
“This agreement is a milestone in international trade, the biggest trade deal with a developing country the EU has ever struck. At a time where the order of international, rules-based trade is being challenged, passing these agreements sends the right signal — not only towards other Asian partners but to the entire world. It is an example of rules-based trade at its best.”
“With today’s vote, we are one step closer to creating greater economic opportunities for both parties and, at the same time, promoting sustainability through binding provisions on labour rights and environmental standards.”
“Today is a successful day for EU trade. But there is still much work ahead of us. Once it is ratified, both sides have to live up to it. The human rights situation in Vietnam needs to be closely monitored. It is my strong conviction that the EU’s ability to promote human rights in developing countries is much greater if we work closely together rather than without them.”