VietNamNet Bridge – EU Trade Commissioner Karel de Gucht is scheduled to arrive in Vietnam on March 17 as part of his Southeast Asian tour to strengthen trade cooperation with these countries.

In Hanoi, he will meet with Prime Minister Nguyen Tan Dung and Minister of Industry and Trade Vu Huy Hoang to review progress in bilateral negotiations of a free trade agreement (FTA).

The seventh round of FTA talks is taking place in Hanoi from March 17-21, and both sides hope to end negotiations very soon, enabling their business communities to benefit from this ambitious trade pact.

Vietnam and the EU began FTA negotiations in June 2012, focusing on goods and services, investment, public market, intellectual property rights, tariff barriers, animal and plant quarantine, food hygiene and safety, trade technical barriers, customs cooperation, trade and sustainable development.

Vietnam was the fourth largest ASEAN trade partner of the EU last year. Two-way trade turnover reached nearly EUR24 billion in 2012, of which EU exports were EUR5.3 billion.

The EU is also the largest source of foreign direct investment for Vietnam with capitalisation in excess of EUR1.37 billion.

The EU primarily exports high-tech products, machinery, electronic equipment, airplanes, bikes, pharmaceuticals, iron and steel to Vietnam.

It mainly imports mobile phone components, electronic products, footwear, garments, coffee, rice, seafood, and timber products.

Source: VOV