Today, the National Assembly of Vietnam has approved the ratification of the EU-Vietnam Free Trade Agreement (EVFTA). “With the approval of the EVFTA by the National Assembly, the final milestone before the entry into force of the agreement has now been reached” stated Jérôme Pero, FESI Secretary General. “This agreement has been a top priority for FESI and its members for almost 8 years. Its importance is now even greater. Following the disastrous economic consequences caused by the Covid-19 pandemic and the difficult journey towards economic recovery, this agreement will be a much-needed breath of fresh air for many sporting goods companies.”
The unprecedented FTA will eliminate over 99% of all tariffs, and partly remove the rest through limited zero-duty quotas. Its ratification will not only advance the expansion of the sporting goods sector but will also create new job opportunities and push for the improvement of labour rights in Vietnam. In that context, FESI and all its members salutes the ratification made today by Vietnam of ILO convention 105 on the Abolition of Forced Labour.
The EVFTA will enter into force on the first day of the second month following the date on which the Parties have notified each other of the completion of their applicable legal procedures. FESI now urges both sides to complete this final step in the course of June to ensure that the agreement enters into force on the 1st of August 2020.
