PCA takes effect this October

VGP – The Viet Nam Trade Office in Belgium and the EU announced that the EU-Viet Nam Partnership and Cooperation Agreement (PCA) officially took effect since October 1 after approved by the parliaments of all members of the EU.

October 05, 2016 5:12 PM GMT+7

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Specifically, the European Council sent the Announcement No. S 6816/08455 dated September 29, 2016 to the Vietnamese Permanent Delegation to the EU, the PCA has been ratified by all the EU members’ parliaments. The interior legal procedures between institutions of the EU have been fulfilled.

The PCA was inked on June 27, 2012 in Brussels, Belgium, paving the way for other cooperative agreements between Viet Nam and the EU, including the EU-Viet Nam Free Trade Agreement.

The PCA broadens further the scope of EU-Viet Nam cooperation in areas such as trade, the environment, energy, science and technology, good governance, as well as tourism, culture, migration, and the fight against corruption and organized crime.

According to the statistics of the Vietnamese Ministry of Industry and Trade, the two-way trade turnover in 2015 reached nearly €30 billion. As of December 31, 2015, the EU poured US$21.48 billion in 1,700 projects in Viet Nam.

By Thuy Dung