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European Commission publishes text of FTA with Vietnam

Xinhua, February 1, 2016 Adjust font size:

The European Commission, or the European Union (EU)'s executive body, on Monday published the text of the free trade agreement (FTA) between the EU and Vietnam, following the conclusion of the negotiating process in December 2015.

According to the usual procedure, the text will now be subject to a legal review to verify its consistency and ensure that all the provisions are formulated in a legally-sound way, the Commission said in a statement.

It will then be translated into all EU languages before being presented to the Council of the EU and the European Parliament for ratification.

"When approved," EU Trade Commissioner Cecilia Malmstrom said, "the agreement will unlock a market with huge potential for EU firms."

Vietnam is a fast-growing economy of more than 90 million consumers with a growing middle class and a young and dynamic workforce, and its market offers numerous opportunities for the EU's agricultural, industrial and services exports, she was quoted as saying in the statement.

"The agreement will also help trigger a new wave of high quality investment in both directions, supported by our new investment dispute resolution system with an appeal mechanism," Malmstrom added. Endit