As Trade Deficit Grows, EU to Urge Vietnam to Remove Barriers, Sources Say
European Union officials plan to press Vietnam on Friday to lift administrative barriers on EU goods, as the bloc's trade deficit with Hanoi expands amid global trade tensions, according to two European officials and a draft document.
After a tariff-slashing free trade agreement signed in 2019, Vietnam has become the EU's largest trading partner in Southeast Asia, with bilateral trade reaching 67 billion euros ($79 billion) last year, according to the European Commission.
However, trade flows remain largely unbalanced, with the EU's trade deficit rising nearly 20% last year to approximately $50 billion, data show...
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