The Snake Keeper Blog

In addition to the standard master text, there is a calendar that allows parties to add or change standard conditions. The timetable is what the negotiators negotiate. The timing negotiation usually takes at least three months, but this may be shorter or longer depending on the complexity of the provisions involved and the parties` ability to react. The master`s agreement was updated in 2002 (known as ISDA Masteragrement 2002). The updated phase of the 1992 agreement has its roots in the succession of crises that affected global financial markets in the late 1990s. These events, including the liquidation of Hong Kong broker Peregrine Investments Holdings Holdings and the 1998 Russian financial crisis, tested ISDA documentation to an extent unknown to date. Although the ISDA documentation withstood this test, ISDA decided to put in place a strategic review of its documentation to see what lessons could be learned from these events. This revision resulted in a complete update to the 1992 agreement, which culminated in the 2002 agreement. The Captain`s Agreement is a document agreed between two parties, which sets standard conditions for all transactions between these parties. Each time a transaction is concluded, the terms of the framework agreement should not be renegotiated and applied automatically. The framework contract is quite long and the negotiation process can be difficult, but once a framework contract is signed, the documentation of future transactions between parties will be reduced to a brief confirmation of the essential terms of the transaction. The framework agreement and timetable define the reasons why one party may impose the closure of covered transactions due to the appearance of a termination event by the other party. Standard termination events include defaults or bankruptcy.

Other closing events that can be added to the calendar include a downgrade of credit data below a specified level. Briggs J. continued (both with respect to the 1992 and 2002 agreements) on the duration of the suspension of the non-failing party`s payment obligations and on the date on which they would eventually be extinguished.

The EU and Vietnam have agreed to strengthen the disciplines of the WTO Agreement on Technical Barriers to Trade (OTC). In particular, Vietnam is committed to strengthening the enforcement of international standards in the development of its regulations. The agreement also contains a chapter on health and plant health measures (SPS), which specifically aims to facilitate trade in plant and animal products, in which the parties have agreed on a number of important principles such as regionalisation and the recognition of the EU as a single unit. These provisions will facilitate access to the Vietnamese market by EU companies that manufacture a large number of products, including electrical appliances, information technology and food and beverage products. The Vietnamese government should also continue on the path of reforms – strengthening the banking sector, eliminating corruption, fine-tuning legal and fiscal structures and improving trade facilities. Overall, ASEAN is the EU`s third largest trading partner outside Europe, after the United States and China. Ensuring better access for EU exporters to the dynamic ASEAN market is an EU priority. Negotiations for a trade and investment agreement between the region and ASEAN began in 2007 and were interrupted by mutual agreement in 2009 to relax a bilateral negotiating format. These bilateral trade and investment agreements were designed as building blocks for a future agreement between the regions. Singapore`s history could be an example from which Vietnam can learn. In 2018, however, Harvard University economist Dani Rodrik said in the Journal of Economic Perspective that if these free trade agreements increase the volume of trade, the distribution of these benefits is another matter: “A trade agreement that is covered by another set of special interests can make things worse as easily as it makes them better.” He also wrote that “such an agreement can distract us from the effective outcome, even if it uses the cover of a free trade agreement and increases the volume of trade and investment. Rodrik stressed that the effects of free trade agreements are fundamentally uncertain and that protectionism is depending on them.

List of agreements being negotiated. Agreements that have so far been discussed only in the absence of formal action by the parties concerned are not mentioned. Once such trade agreements are in place, Vietnam will benefit from the benefits of reduced tariffs both within the ASEAN Economic Community (AEC) and with the EU and the United States to attract exporting companies to products in Vietnam and export them to non-ASEAN partners. On 8 June, the Vietnamese National Assembly approved the agreements by an overwhelming majority, with 457 deputies for the free trade agreement and 462 for the IAP. According to some Vietnamese newspapers, the agreements could come into force in July.