Belarusian President Alexander Lukashenko signed to ratify the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam on May 31.
|Belarusian President Alexander Lukashenko
The pact was given the green light by the House of Representatives of Belarus on May 25.
Belarusian First Deputy Minister of Foreign Affairs Aleksandr Mikhnevich noted the trade pact would boost bilateral cooperation with Vietnam, helping Belarus’ products make inroads into Vietnam, a gateway to the Southeast Asian market.
The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015. This was the first FTA signed between the EAEU and an external partner.
Previously, Russia and Kazakhstan ratified the trade pact, which will lift most tariffs on goods traded among participants.
The deal is expected to increase trade revenue between Vietnam and the EAEU to US$10 billion in 2020 from the current yearly average of US$4 billion.