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Assess the importance of trade liberalisation in increased...

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Assess the importance of trade liberalisation in increased globalisation. (12 marks). Extract D European Parliament approves EU-Vietnam free trade and investment deal The EU-Vietnam trade agreement, described as the most modern and ambitious agreement ever concluded between the EU and a developing country, received the European Parliament's backing on the 20 February 2020. The agreement will remove virtually all customs duties between the EU and Vietnam over the next ten years, including on Europe's main export products to Vietnam. European businesses will also be able to bid on public tenders put out by the Vietnamese government and several cities, including Hanoi. The main EU imports from Vietnam include telecommunications equipment, clothing and food products. The EU mainly exports goods such as machinery and transport equipment, chemicals and agricultural products to Vietnam. Vietnam is the EU's second largest trading partner in the Association of Southeast Asian Nations (ASEAN) after Singapore, its trade in goods is worth $47.6bn a year and E3.6bn when it comes to services. EU exports to the country have grown between 5% and 7% annually. The EU's trade deficit with Vietnam was E27bn in 2018.

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