Vietnam expects EU shrimp export boost from trade deal

23/02/2020 12:00 - 37 total view

Vietnamese shrimp exporters hope that European sales will continue to grow once a trade deal between their country and the 27-member European Union takes effect, Vietnam Plus reported.

Experts have said that once the EU-Vietnam Free Trade Agreement (EVFTA), which was agreed to on June 30 and will be phased in at a yet-to-be-determined date, comes into force, shrimp sales could surge. Under EVFTA, raw Vietnamese fresh, frozen or chilled shrimp will see zero duty, down from the current 12% to 20% rates. Tariffs on processed shrimp will be brought to zero after seven years, the news site said. 

The trade deal will be welcome relief to the Vietnamese sector, which reportedly saw the value of shrimp exports fall 5.4% to $3.36 billion in 2019 owing to factors such as the global downturn in shrimp prices and the US-China trade war.

Source: Undercurrent News