European bloc recorgnises Vietnam’s market economy
The European Free Trade Association (EFTA) has recorgnised Vietnam’s market economy status and kick-started negotiations of a free trade agreement (FTA) with the Southeast Asian economy.
A memorandum of understanding to this effect was signed in Hanoi on July 3 by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Norway’s ambassador to Vietnam, Stale Torstein Risa.
The MoU between Vietnam and the EFTA will create a foundation for promoting bilateral trade and economic ties. It will be a comprehensive FTA in line with World Trade Organisation regulations for trade, services, investment and other fields of mutual interest.
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