The agreement will add new GIs in the future. These trade agreements will benefit both parties and foreign investors will be able to take advantage of opportunities to invest in Vietnam. But it is still too early to conclude the positive effects of these agreements. The spotlight will now shift to how the potential benefits and losses for both parties translate into reality and on those who could earn the most. Free trade agreements may also have additional drawbacks. Such agreements are expected to create aggressive competition from foreign competitors with local firms, particularly in the agricultural sector, including meat and dairy products from the EU, Australia and Canada. With regard to investment protection, both sides have already accomplished much, including agreement on important protection provisions, such as national treatment, and an agreement on key rules for material investment protection. The creation of an independent investment justice system will establish a permanent investment dispute settlement mechanism, which outlines the bilateral and multilateral trade agreements to which that country is associated, including with the United States. Includes websites and other resources that allow U.S.
companies to get more information about how they can use these agreements. Overall, ASEAN is the EU`s third largest trading partner outside Europe, after the United States and China. Ensuring better access for EU exporters to the dynamic ASEAN market is an EU priority. Negotiations for a trade and investment agreement between the region and ASEAN began in 2007 and were interrupted by mutual agreement in 2009 to relax a bilateral negotiating format. These bilateral trade and investment agreements were designed as building blocks for a future agreement between the regions. Turkey has bilateral and multilateral agreements: Vietnam has overtaken its regional rivals Indonesia and Thailand, and is the EU`s second largest trading partner in ASEAN. Today, EU companies have the opportunity to apply for contracts with Vietnamese ministries and state-owned enterprises throughout the country. Vietnam will allow European investors to award public contracts to ministries such as the Ministry of Defence, Vietnam Railways Corporation and dozens of public hospitals, under the control of the Ministry of Health. The European Commission estimates that the agreements would help increase exports to Vietnam by 29% in 2035 and increase GDP to $29.5 billion. The free trade agreement establishes a framework for resolving future disputes between the EU and Vietnam over the interpretation and implementation of the agreement.