“In terms of trade, Vietnam has become the EU`s second largest trading partner in ASEAN, after Singapore and before Malaysia, with a 48 billion euro merchandise trade between the EU and Vietnam ($54.3 billion).” “This protection will apply as soon as the trade agreement comes into force and will be implemented in the Vietnamese market through appropriate administrative sanctions, including at the request of an interested party,” he said. CFFA – Coalition for Fair Fisheries Agreements. 2006. Comparison of EU free trade agreements: fisheries (letter 6J). Maastricht: ECDPM. Vietnamese seafood, which provides better market access through duty-free or total liberalization, includes surimi (seafood paste, more often counterfeit shrimp meat), canned tuna, fresh and chilled tuna, unprocessed shrimp and catfish. “Many EU geographical companies will be automatically protected when the trade agreement comes into force, including French cognac, Spanish Rioja, Italian Grappa, German Bavarian beer and many others. Shrimp and pangasius are the two main seafood products exported from Vietnam to the EU. According to the Vietnam Association of Seafood Exports and Producers (VASEP), EVFTA should contribute to significantly increasing the competitiveness of the Vietnamese fishing sector in EU markets. Prices of squid, squid and shrimp continue to rise in major Southeast Asian countries, due to demand from China, which, thanks to a free trade agreement, now has low access to tariffs on the Southeast Asian Nations (ASEAN) market. The agreement, “the most modern, comprehensive and ambitious agreement ever between the EU and a developing country,” will eliminate 99% of tariffs between the two sides over the next ten years.
The next step is to ratify the agreement by the two countries with a view to entering into force before the end of 2015. According to the Council in a statement of 30 March, Vietnamese lawmakers are expected to ratify the agreement in early summer and then enter into force. Agriculture Minister Barnaby Joyce said the deal would bring significant benefits to Australian farmers after it comes into force this year. “Tariffs on barley, sorghum, oats, certain feeds and frozen shrimp will be abolished at zero per cent when it comes into force, and Australia has been granted a duty-free national wool quota.