The EU has concluded bilateral trade talks with Vietnam, striking a deal that will see greater access for EU exports of wine, spirits, meat & dairy products to one of the fastest growing economies in Asia.
Within the next three years, tariffs on European beef exports to Vietnam will be abolished while tariffs on dairy exports will go after a maximum of five years. Tariffs on chicken will be given duty free access to the Vietnamese market within 10 years, while wines, spirits, frozen pork and food preparations will be given full access within seven years.
The trade deal also provides for the protection of 169 speciality EU food and drink products or geographical indicators (GIs) as they are known. European authorities use GIs as a form of intellectual property rights for area related products such as Irish whiskey, Roquefort cheese or Parma ham.
Vietnam has enjoyed rapid economic expansion in recent times and is forecast to be one of the ten largest economies in the world by 2050. With a population of more than 93m and an expanding middle class with greater purchasing power, Vietnam is a market with huge potential.
The trade agreement will be brought back to the respective authorities in Europe and Vietnam to be given the green light before it enters into force by the end of 2017 or early 2018.
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