Labour extensive export sectors to be impacted by Vietnam-EU FTA

by Yash Shah

Vietnam has finalised a free trade agreement (FTA) with the European Union (EU). As per a report in Financial Express, the FTA will raise competition between Asian rivals for the lucrative EU market in a range of products such as garments, footwear, marine products, plastics, rubber, leather and coffee. Vietnam will get duty-free access to the EU for 71 per cent of its goods from day one and 99 per cent after seven years but Indian supplies will continue to attract up to 9.6 per cent duty.