The European Union and Vietnam has signed a long-negotiated partnership and cooperation agreement that is expected to boost investment and trade between the two parties.
European Commission Vice President and EU High Representative for Foreign Affairs and Security Policy Catherine Ashton and Vietnam foreign affairs minister Pham Binh Minh signed the agreement Wednesday (June 27) in Brussels, according to a press release. It will enhance the two parties’ cooperation in several sectors, including trade, energy, good governance, tourism and climate change.
The agreement will take the two parties’ relations to “a new level,” Ashton said in a statement. The European Union and Vietnam “work well together” in a number of “good common” projects and initiatives, Ashton added. These include Vietnam exporting sustainable timber products to the Western bloc, and the European Union supporting a judicial reform program that will strengthen Vietnam’s “rule of law.”
The agreement, however, needs to be ratified in Vietnam and the European Union before it can be implemented, according to an article in the Library of Congress. This could take a quarter of a year for Vietnam, and a full year for the European Union.
The agreement was initiated by European Council President José Manuel Barroso and Vietnamese Prime Minister Nguyen Tan Dung in 2010.
Find jobs, projects & tenders in Vietnam. Read more development aid news online, and subscribe to The Development Newswire to receive top international development headlines from the world’s leading donors, news sources and opinion leaders — emailed to you FREE every business day.