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The upper chamber of the Kazakhstani parliament has ratified a free trade agreement between the Eurasian Economic Union (EAEU) and Vietnam, according to the Russian news agency TASS on February 11.
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| The signing ceremony in 2015 |
The document was signed in Kazakhstan’s Burabay township on May 29, 2015, opening up favourable conditions for mutual trade and investment.
Once the deal takes effect, nearly 90% of goods will enjoy lower tariffs and 60 percent will be entitled to zero tax. It is also the first FTA that the EAEU has signed with a country.
The EAEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The Kazakhstani Ministry of National Economy predicted that the country will export more of its foodstuff to Vietnam, including flour, cereals, milk and pork.
Last year, two-way trade between Vietnam and Kazakhstan amounted to US$205 million.
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