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This FTA represents the second the EU has negotiated with an ASEAN member state and, in the words of the European Commission, is the most ambitious FTA Europe has put in place with an emerging economy. It marks a very significant development between the EU and ASEAN in terms of economic diplomacy and trade and we hope it is the precursor to more FTAs with the region and eventually to an ASEAN-wide FTA for Europe.The trade and investment relationship between the EU and ASEAN is already very strong, with Europe being ASEAN’s second-largest trading partner and largest source of foreign direct investment (FDI), so I would expect this FTA to further boost that relationship and also to help accelerate the trade and investment relationship with Vietnam.
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