The European Parliament has voted to approve the passing of the EU Vietnam Free Trade Agreement, which among other moves will see the abolition of a 45% tariff on Irish whiskey in Vietnam.
The Free Trade Agreement was signed by the EU and Vietnamese government on 30th June 2019 after three years of negotiations. It will come into force one month after Vietnam and the EU have notified each other that legal procedures have been completed.
Drinks Ireland|Irish Whiskey has welcomed the passing of the agreement.
William Lavelle, Head of Drinks Ireland|Irish Whiskey, said: “We welcome the passing of the vote, which is a significant development for the Irish whiskey industry. In the past two years sales of Irish whiskey in Vietnam has trebled, so this presents a major opportunity for further growth.
“The agreement will see a full phasing-out of the current excessive tariff of 45%; and legal recognition in Vietnam for the Irish whiskey geographic indication, which protects Irish whiskey from fake competitors.
“Trade agreements like today’s one will also help open up trade between Irish distillers and the rest of Asia. In turn, this will support more jobs in local Irish whiskey distilleries and more custom for Irish barley and grain farmers.”