Eu Vietnam Free Trade Agreement Entry Into Force

The free trade agreement will consist of two parts, one for trade and one for investment, covering 95% and 5% respectively. In accordance with the opinion of the European Court of Justice on the EU-Singapore free trade agreement, it will probably be decided that the European Parliament will be solely competent in the trade field because of the European internal market and that, therefore, the trading part will enter into force immediately after ratification by the European Parliament. The investment part requires ratification by the European Parliament and all EU Member States. The effects of the investment part are applied on an interim basis, subject to the completion of the ratification process. The agreement provides for overall preferential treatment for both goods and services, recognition and protection of geographical indications for more than 200 products, liberalisation of procurement rules and obligations on cartels and mergers. It also contains provisions on sustainable development, including legally binding provisions on climate, labour and human rights. This is therefore the most comprehensive agreement to date between the European Union and each ASEAN member country. The final regulation is binding and applicable to local courts with regard to its validity, with the exception of a period of five years after the entry into force of the EVIPA (see additional comments in the chapter of the Legal Committee on Judicial Appeals). Second, the products must be accompanied by a certificate of origin. Following the EU announcement on 11 June, the REX system will be the only method used by EU exporters to certify the origin of products under AEFTA. REX is the database used for the registration of exporters, which allows them to certify the origin of the products to be exported. The trade agreement allows self-certification for exporters registered in REX and for all exporters for shipments whose value does not exceed 6,000 euros. With regard to imports, Vietnamese exporters must certify the origin of the products by a EUR.1 certificate obtained by the competent authorities or by a declaration of origin from an approved exporter.