Vietnam signs free trade deal with four European nations

Vietnam and four European nations outside the EU signed a free trade agreement in Hanoi on Oct 18, seeking to diversify their markets as US tariffs disrupt global commerce.



The deal, between South-east Asia’s fastest-growing economy and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland, eliminates or reduces Customs duties, including on imports of industrial, fish and agricultural products.



The deal was signed in the capital in the presence of Vietnam’s top leader To Lam and representatives of EFTA governments.



Vietnam said the agreement showed the parties’ resolve to “reinforce the rules-based trading system amid continued volatility in the global economy”.



It was also expected to help Vietnam “diversify its import and export markets” and “integrate more deeply into global value chains”, said a government statement.



Vietnam and EFTA concluded negotiations in July, more than a decade after the free trade talks officially began in 2012.