EU-Vietnam FTA: With EVFTA approved, REX will become mandatory as early as August + Full text
Updated: Jun 15, 2020
Time to Zoom in on EVFTA and REX once more. Read all you need to know here.
Who? The European Commission
When? 11 June 2020
Document: Notice in the Official Journal
What happened?
On 8 June 2020, the Vietnamese National Assembly (NA)’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) during its ongoing ninth session. Vietnamese NA deputies agreed to ratify the EVFTA. The Vietnamese legislature’s final approval of the EVFTA came after eight years of negotiations.
Since the European Parliament (EP) approved the agreement in February, it can enter into force in early August.
In the notice of today, the EU clarifies that the REX system will apply as of the entry into force of the agreement.
Why does it matter?
EVFTA could be the most comprehensive agreement the EU has ever concluded with a developing country and the second between the bloc and a Southeast Asian nation. Please read our detailed debrief on the EVFTA.
The Registered Exporter system (the REX system) is a system of certification of origin of goods based on a principle of self-certification. The origin of goods is declared by economic operators themselves by means of so-called statements of origin.
To be entitled to make out a statement on origin, an economic operator has to be registered in a database by his competent authorities. The economic operator becomes a "registered exporter".
What can I do?
If you are trading with the EU or Vietnam, or intent to do so in the future, read CUSTOMS MANAGERS QUICK GUIDE TO SAVING CUSTOMS DUTY UNDER EVFTA (coming shorty)
Identify the products you currently trade with each jurisdiction and assess the possible duty savings opportunity. Contact your FTA expert to discuss how.
Join our Live Webinar on "Save Duty with EVFTA and how to implement it in your company" on Monday 13 July 2020 at 10 am CET.
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