EU free trade talks with Vietnam

The European Union said Tuesday it had launched negotiations regarding a free trade agreement with Vietnam, its fifth-largest trading partner in South-east Asia. Last year, EU imports from Vietnam totalled 12.8 billion euros (16 billion dollars), while EU exports to the country were worth 5.2 billion euros, the European Commission said in a statement. "The potential for both sides is enormous and the first negotiating round should take place just after the summer break," said EU Trade Commissioner Karel De Gucht, who launched the talks in Brussels with Vietnamese Industry and Trade Minister Vu Huy Hoang. Within the Association of South-East Asian Nations (ASEAN), the EU is already in negotiations on free trade deals with Singapore and Malaysia. De Gucht said the bloc wanted to start similar talks with other regional economies, such as Indonesia, Thailand and the Philippines, dpa reported.(QNA)