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Russia OKs Draft Deal on Free Trade between Eurasian Economic Union, Vietnam

Posted May 26, 2015

Under Economic Issues, International Trade Issues

(RT)

The Russian government has approved a draft agreement for a free trade zone between the Eurasian Economic Union (EEU) and Vietnam. The deal is supposed to double bilateral trade and see the EEU more involved in integration processes in the Asia-Pacific.

“Implementation of the agreement will boost bilateral trade and promote trade and economic ties between the participants; it will also solve the problem of involving the Eurasian Economic Union in integration processes in the Asia-Pacific region,” said a corresponding order published on the Cabinet’s website on Monday.

The draft includes tariff liberalization between the Russian-led EEU and Vietnam that will reduce or eliminate import customs duties for most of the goods traded between the sides.

At the same time, the parties will keep tariff protection for the most of sensitive commodities, which will protect the interests of consumers and entrepreneurs, said Russian Prime Minister Dmitry Medvedev. Click here to read more.

Related: Vietnam to Restructure Air Freight Market (Logistics Insight USA)