Vietnam and EFTA sign free trade deal

Vietnam and four European nations outside the EU signed a free trade agreement in Hanoi today seeking to diversify their markets as US tariffs disrupt global commerce.

Deal eliminates customs duties

The deal eliminates or reduces customs duties, including on imports of industrial, fish and agricultural products.

Parties aim to strengthen rules-based trading system

Vietnam said the agreement showed the parties’ resolve to 'reinforce the rules-based trading system amid continued volatility in the global economy'.

“reinforce the rules-based trading system amid continued volatility in the global economy”

Bilateral trade valued at 4.8 billion euros

Bilateral trade between EFTA and Vietnam last year was valued at 4.8 billion euros (US$5.4 billion).

EFTA includes Iceland, Liechtenstein, Norway, Switzerland

The European Free Trade Association (EFTA), consisting of Iceland, Liechtenstein, Norway, and Switzerland, has signed a free trade agreement to diversify markets amidst global trade disruptions from US tariffs.

Trade deal covers multiple areas

The agreement covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas.

US tariffs disrupt global commerce

The agreement followed a global trade-disrupting tariff blitz by the United States under President Donald Trump, which has left Vietnam with a hefty tax on its US exports amid ongoing negotiations with Washington.