Debate: Conclusion of the EU-Viet Nam Free Trade Agreement - Conclusion of the EU-Viet Nam Free Trade Agreement  - EU-Viet Nam Investment Protection Agreement - EU-Viet Nam Investment Protection Agreement
Date: TUESDAY, 11 FEBRUARY 2020
Speaker: Geert Bourgeois
Country: Germany
Language: EN

It’s a unique opportunity for this Parliament to underline the ambition of the EU to become a geopolitical actor and player: not as an empire that imposes rules, but as a global power that defends multilateralism, resists protectionism and reaches out to partners such as Vietnam. It is up to the European Union to promote rules-based trade and show by example that trade delivers, brings peoples together and raises standards worldwide on safety, labour, environment and human rights. It’s also a question of credibility. We need to show Vietnam and future trading partners that the EU is a credible partner that sticks to its commitment and that we are still able to negotiate, sign and conclude trade agreements. Eight years after starting the negotiations with Vietnam, this Parliament has been given the opportunity to debate the most comprehensive trade deal between the EU and a middle—income country in its history. As such, this deal with Vietnam sets a new benchmark for Europe’s engagement with emerging economies. If we look at this trade agreement, it is of the utmost importance to stress, first of all, the economic value that will give a boost to the prosperity of both the EU and Vietnam. It represents a great opportunity for European exporters and investors. It will eliminate 99% of tariffs within seven years, and this will result in additional exports in both directions. This will clearly result in many tens of thousands of new and, on average, better-paid jobs through increased use of international standards. This deal will also cut non—trade barriers and reduce costs for our companies. We will gain better access to each other’s public markets, including for SMEs. Vietnam has a vibrant economy of more than 90 million consumers, a growing middle class and a young, dynamic workforce. The country is open to the world and embraces modern standards. Vietnam was the first in the world, even before Canada, to accept the principle of a modern investment court system (ICS), a modern ICS proposal that has mostly been drafted by this very Parliament with independent judges, a code of conduct, protection of the right to regulate and facilitated access to the court for SMEs. This agreement thus brings new opportunities for companies, both big corporations and SMEs. Vietnam is also the gateway to the entire Asian region. This agreement brings the long—term goal of an EU—Asian trade agreement from region to region a step closer, and this should be our objective. These agreements are also instruments to promote and protect European standards and values. Vietnam respects clear commitments to the ratification of two additional core International Labour Organization (ILO) Conventions: its revised Labour Code, its improved labour and human rights situation and the implementation of the Paris climate agreement. For all these reasons and the creation of prosperity by free and fair trade and the fact that the EU is taking responsibility to set the standards worldwide and taking the lead on rules—based trade in times of rising trade tensions, protectionism and unilateralism, I therefore ask for the consent of this House so that the peoples of the European Union and the people of Vietnam can further strengthen their ties in the future and so that we can allow free and fair trade to bring people closer together.