A possible trade deal between Thailand and the European Union could be problematic for Vietnam’s agricultural producers, The Leader is reporting. Local tuna producers in particular, the outlet notes, stand to face an uphill battle against Thai producers which have a much higher output but also are not subjected to an EU illegal, unreported and unregulated–abbreviated to IUU–fishing yellow card.
For context, Vietnam’s seafood exports have benefited enormously from the myriad of trade deals the country has signed on to, however, sustainability has become a key issue. Overfishing is rife, hence the yellow card, and this has the potential to have long-term ramifications for many of Vietnam’s coastal, fishing dependent communities. That said, this yellow card coupled with the European Union-Vietnam Free Trade Agreement has, at least ostensibly, been a driver for change and speaks to the non-trade benefits of Vietnam’s many free trade agreements.
It is worth noting, however, that the yellow card has been in place for some time and there does not seem to be an end in sight, at least not in the near future.