Free trade: Vietnam, EU sign landmark deal

The European Union signed a landmark free trade deal with Vietnam on Sunday, the first of its kind with a developing country in Asia,

The deal paves way for tariff reductions on 99 per cent of goods between the bloc and the Southeast Asian country, the countries announced in a statement.

It still needs the approval of the European Parliament, which is not given as some lawmakers are concerned about Vietnam’s human rights record.

The European Union has described the EU Vietnam Free Trade Agreement (EVFTA) as “the most ambitious free trade deal ever concluded with a developing country”, Reuters reported.