Russia completes ratification of EAEU-Vietnam FTA

May 03, 2016 | 09:41

(0) user say

Russian President Vladimir Putin put his signature to ratify the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam on May 1.

russia completes ratification of eaeu-vietnam fta hinh 0

It is the first FTA of the union, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, with another country. It was signed on May 29 last year in Burabay, Kazakhstan to facilitate trade and investment between the two sides.

According to the agreement, Vietnam and the EAEU will reduce and/or eliminate customs duties on 87% of goods originating in the other party.

It also stipulates trade protection, anti-dumping and compensation measures in accordance with regulations of the World Trade Organisation (WTO).

Before Russia, Kazakhstan has also ratified the deal.

Vietnam-EAEU trade is estimated at around US$4 billion, which is expected to rise to US$10 billion by 2020 thanks to the FTA.

RELATED CONTENTS:
	FTAs can keep economy on track
	Textile sector must be tailored for FTA rewards
	FTAs to usher in new era for shrimp export
	FTA benefits dangle by a thread
	Damco expects FTA export surge
	Conference to lift EVFTA contradictions
	Free trade complexities in Vietnam: TPP and EVFTA
	KOTRA opens support centre to help companies take advantage of VKFTA
	Vietnam strives to reform customs ahead of FTAs
	FTAs lay the groundwork for industrial zones nationwide
	Vietnam urges France to support early signing of EU-Vietnam FTA
	VN urges Russia to ratify FTA
	Belgium expected to ratify VN-EU FTA soon