The deal, which will for Britain replace the existing EU-Vietnam Free Trade Agreement (EVFTA), will take effect on Dec 31, the ministry said in a statement. Tuesday's deal will ensure Britain does not lose access to preferential tariffs in one of the fastest growing and most open economies in Asia. The free trade agreement with Britain has the same provisions as those of EVFTA, the ministry said. EVFTA came into effect in August and was due to cut or eliminate 99% of tariffs on goods traded between Vietnam and the EU. "The agreement will create a framework for comprehensive, long-term and sustainable economic cooperation between the two countries," the ministry said.

Source: bd News24 December 29, 2020 16:07 UTC