Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, August 12, 2020 12:43:19 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

EU widens trade door for RMG, footwear, furniture from Vietnam

By
14th-Feb-2020       
Share
  • Twitter
  • Google+
  • Save
  • E-mail
  • Print
Comments
Share your thought
Post a comment »
Read all () »

Reuters, Strasbourg/Brussels  :
The European Union agreed on Wednesday to open its markets wider to Vietnam, while closing its trade doors to Cambodia, rewarding Hanoi for its progress on labour guarantees and sanctioning Phnom Penh for human rights abuses.
The moves mark the EU's increased insistence that trading partnerships go beyond market liberalisation and be coupled with commitments to environmental, labour and social standards. On Wednesday, it displayed both its carrot and stick.
In Strasbourg, EU lawmakers voted by 401-192 to approve a free trade agreement with Vietnam. It is the most comprehensive pact of its kind struck by the EU with a developing country, and only its second - after Singapore - with a member of the Association of Southeast Asian nations (ASEAN).
Campaign groups such as Human Rights Watch had urged the EU lawmakers to postpone approval until Vietnam had made further reforms, including on freedom of assembly and to a penal code they say puts government critics in jail.
EU trade commissioner Phil Hogan said Vietnam had already made great efforts to improve its labour rights record and the new partnership would increase the EU's potential to promote and monitor reforms.
industry and trade minister Tran Tuan Anh called the agreement a "significant milestone" in relations and said it should take effect in July. Garment, footwear and wood furniture industries would be the chief Vietnamese beneficiaries, he said.
The deal will eliminate 99 per cent of tariffs, although Vietnam will have a transition period of up to 10 years for some imports, such as cars and beer.
Many Vietnamese goods already benefit from preferential access to EU markets under a scheme offered to poorer developing countries. However, this applies to duties on two-thirds of product types and tariffs still apply, albeit at a lower rate, to garments.
By contrast, Cambodia will lose about 20 per cent of the trade preferences it enjoys under the "Everything But Arms" (EBA) scheme the EU offers 48 of the world's poorest countries.
The percentage equates to about 1 billion euros ($1.1 billion) of exports.
The EU executive said the move was the result of "serious and systematic violations" of human rights by Cambodian Prime Minister Hun Sen's government.
Cambodia's foreign ministry said it regretted the "unjust" decision, which it added was politically driven. Cambodia's sovereignty, it said, could not be the subject of negotiations for trade preferences.
The Commission will replace zero duties with standard tariffs for certain garments and footwear, all travel goods and sugar. The standard tariff for clothing is 12 per cent.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Mere warning will not do if the corrupt ones remain unabated


MEDIA report said that the government has taken a move to rein in the soaring cost of development projects and the Planning Minister is going to hold a meeting with Secretaries of the Development Ministries and Planning Commission officials to find out ways how to plug corruption and misuse of ...

City »

Devotees of the Hindu community offer prayers on the occasion of Janmashtami. The snap was taken from the city's Swamibag Mandir on Tuesday.


International »

China accused of seeking to turn Taiwan into `the next Hong Kong`


Al Jazeera News :Taiwan faces an increasingly difficult position as China pressures the democratic island to accept conditions that would turn it into the next Hong Kong, its top diplomat told visiting US Health Secretary Alex Azar on Tuesday.Azar arrived in Taiwan on Sunday as the highest-level US official to ...

International »

Turkey says it will license new Mediterranean areas this month


Reuters, Nkara : Turkey will issue seismic exploration and drilling licenses in new areas of the eastern Mediterranean by the end of August and continue its operations in the region, Foreign Minister Mevlut Cavusoglu said on Tuesday, amid tensions with Greece.NATO allies Turkey and Greece are at odds over overlapping claims ...

Business & Economy »

India-Bangladesh ties, connectivity create new trade opportunities: Riva


Indian High Commissioner here Riva Ganguly Das on Tuesday said excellent India-Bangladesh bilateral relations and recent connectivity initiatives in railways and inland waterways created new business opportunities as these reduced trade cost between the two neighbouring countries."With resilient economies and robust business environment, both the countries will not only be ...

Business & Economy »

Emirates launches special portal for trade partners


Business Desk :Emirates has rolled out a brand new, state-of-the-art online gateway to serve its travel trade partners around the world.Tailored for each market, and personalised for each partner to cater to their unique business environment and needs, the Emirates Partners Portal is a one-stop shop for travel industry partners ...

Football »

Dortmund flexing their muscles, Sancho must stay


Borussia Dortmund are flexing their muscles in their efforts to keep England forward Jadon Sancho at the club.In the club's pre-season training-camp in Bad Ragaz, Switzerland, the 2012 German Champions sporting director Michael Zorc announced the surprising news."We plan on having Jadon Sancho in our team this season," Zorc commented. ...

Football »

Ronaldinho set for August 24 release


AFP, Asuncion :Brazil great Ronaldinho could be freed on August 24 following five months detention in Paraguay over a forged passport, judicial sources told AFP on Monday.The former Barcelona, AC Milan and Paris Saint-Germain star was detained alongside his brother Roberto de Assis Moreira on March 6, accused of entering ...

Editorial »

Disburse credit to micro-businesses at low interest rate to survive


COTTAGE and micro-industry entrepreneurs are not getting loans from the government's Tk 20,000 crore stimulus package, while banks are disbursing most of the loans to medium industries. As a result, many cottage and micro-industries are on the verge of permanently shutting down as they have no working capital to survive. ...

City »

`Bangladesher Biplabi Workrts Party` forms a human chain in front of the Jatiya Press Club on Monday to realize its various demands including rehabilitation of flood-affected people.


.

International »

Beirut blast destroys iconic 19th Century Palace


AP :Last week's Beirut blast destroyed the 160-year-old landmark Sursock Palace, one of the most storied buildings in the Lebanese capital which withstood two world wars, the fall of the Ottoman Empire, the French mandate and Lebanese independence.After the country's 1975-1990 civil war, it took 20 years of careful restoration ...

Business & Economy »

Mohammad Forkanullah, SEVP of Social Islami Bank Limited (SIBL) Principal Branch, inaugurating an ATM Booth at Zaman Tower in city's Purana Paltan recently. Md. Abdul Mottaleb, Head of Branches Control and General Banking Division along with other senior officials of the bank and local elites were also present.


.

Editorial »

Deaths in road crash don`t bother the ministry of the government


AT LEAST 17 people were killed in four separate road mishaps in Mymensingh, Chuadanga, Narayanganj and Manikganj on Friday. During the Eid rush of travelling home and back, 242 people were killed and 331 injured in 201 road accidents across the country. Road accident is everyday tragedy for Bangladesh as ...

City »

Bangladesh Naval Warship `Sangram` leaves Chattagram Naval Jetty on Sunday in order to join United Nations Peacekeeping Mission in Lebanon.


.

Sports »

Serena Williams is fit and ready to play after 6-month break


AP, Lexington :Serena Williams flexed and then kissed a sinewy right bicep to show down time well spent in training even without bench pressing."This is God given, thank you very much," the 23-time Grand Slam champion said as she thanked her mother, Oracene.Williams now looks to flex her muscles on ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news