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Us Germany Free Trade Agreement



The draft EU text on trade and sustainable development was also sent to the Guardian in July 2016. [108] The Project of 23 June 2016, described as “restricted”, reveals new gaps in the G20`s commitment to phase out inefficient fossil fuel subsidies by 2025. The IMF estimates these subsidies at $10 million per minute worldwide[109] and G7 ministers meeting in Japan promised to eliminate them in May 2016. [110] However, the project states that “this end of supply may take into account security of supply.” [108] The Guardian believes that this passage could be open to abuse and will be used to slow the exit of subsidies. Vietnam: On 30 June 2019, the EU and Vietnam signed a free trade agreement and an investment protection agreement in Hanoi. Germany is Vietnam`s largest trading partner in the EU and welcomes the signing of the agreement. The free trade agreement will facilitate access for German products to the growing Vietnamese market. Like the agreement with Singapore, the Investment Protection Agreement with Vietnam sets high and precise standards for investment protection and establishes a reformed dispute settlement procedure. The European Parliament approved both agreements on 12 February 2020. The free trade agreement came into force on August 1, 2020. The investment protection agreement must be ratified by all EU member states before it enters into force.

The EU also wants free trade agreements with other countries, and the EU executive says that with the recent US withdrawal, there are more opportunities in the Asia-Pacific region. “Where Trump withdraws, the EU settles down,” FDP chief Christian Lindner said, adding that while no one is questioning the importance of trade with the US, other partners are also essential. The United States and the European Union together account for 60% of global GDP, 33% of world trade in goods and 42% of world trade in services. There are a number of trade disputes between the two powers, but both depend on the economic market of the other, and disputes concern only 2% of total trade. A free trade area between the two countries would potentially be the largest regional free trade agreement in history and would cover 46% of global GDP. [30] [31] Thailand: Negotiations for a free trade agreement with Thailand began in May 2013. They have been suspended since the fourth round of negotiations in April 2014, with the army taking control of the country shortly thereafter. It will only be possible for the EU to reach an agreement with an elected Thai government as part of a democratic process.

The Philippines and Indonesia began negotiations for a free trade agreement with the EU in 2016. Negotiations based on the text began in 2017.

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