Time for EU and China to act on an FTA

After the European Union and its fifth-largest trading partner Vietnam announced last week that they had agreed in principle to lift most tariffs on goods in the coming years, China and the EU should seriously think about removing their customs barriers to boost the combined economies of roughly 2 billion consumers. On Aug 4, the EU said it would eliminate its duties over a seven-year period and Vietnam agreed to liberalize trade in financial services, telecommunications, transport, and postal and courier services over 10 years.