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EU’s trade agreement with Asian countries

If approved by the European Parliament, the EU – Singapore Free Trade Agreement, the EU – Vietnam Trade and Investment Agreement, and the EU – Japan Economic Partnership Agreement will enter in force in 2019.

With these three agreements, most of tariffs on products will be removed either immediately after entry into force, or within a number of years (from 3 to 20 years, depending on the country and the product). Products can benefit from preferential tariff treatment of these agreements upon submission of an origin declaration.

As for Vietnam, currently the country has trade preferences with the EU under the Generalised Scheme of Preferences (GSP). Vietnam will be removed from the list of GSP beneficiary countries 2 years after the date that the EU-Vietnam FTA enters into force.

 

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