The free trade agreement (FTA) between Vietnam and the EurasianEconomic Union (EAEU) represents a turning point and huge mutualbenefit, said Nguyen Thi Thu Trang, Director of the World TradeOrganisation Centre under the Vietnam Chamber of Commerce and Industry(VCCI).
She made the statement during a workshopheld in Hanoi on July 7 to present and discuss the FTA signed on May 29after more than two years of negotiations .
The two economies complement each other and Vietnam is currently the only EAEU trade partner, Trang went on to clarify.
The EAEU encompasses Russia, Belarus, Kazakhstan, and Armenia.Kyrgyzstan is waiting for the union’s approval to become an officialmember.
With a total current population of 182million people, the community posted a combined gross domestic productworth more than 2.2 trillion USD in 2014. It boasts rich mineralresources of oil, coal and iron ore.
The marketmajor imports phones, electronic devices, apparel, footwear andagricultural produce from Vietnam while its main exports to the countryare oil and gas, iron and steel, fertilisers and machinery .
Dao Thu Huong from the Ministry of Finance's Department ofInternational Cooperation noted there is no direct competition in theVietnam- EAEU import-export structure, adding that some 53 percentof current tariffs will be zero percent once the pact takes effect.
According to Huong, the volume of iron and steel products,fertilizers and machinery account for 12 percent, 25 percent, and 9percent of Vietnam’s total good import from the EAEU, respectively.Those commodities are scheduled to have reduced tariffs.-VNA
She made the statement during a workshopheld in Hanoi on July 7 to present and discuss the FTA signed on May 29after more than two years of negotiations .
The two economies complement each other and Vietnam is currently the only EAEU trade partner, Trang went on to clarify.
The EAEU encompasses Russia, Belarus, Kazakhstan, and Armenia.Kyrgyzstan is waiting for the union’s approval to become an officialmember.
With a total current population of 182million people, the community posted a combined gross domestic productworth more than 2.2 trillion USD in 2014. It boasts rich mineralresources of oil, coal and iron ore.
The marketmajor imports phones, electronic devices, apparel, footwear andagricultural produce from Vietnam while its main exports to the countryare oil and gas, iron and steel, fertilisers and machinery .
Dao Thu Huong from the Ministry of Finance's Department ofInternational Cooperation noted there is no direct competition in theVietnam- EAEU import-export structure, adding that some 53 percentof current tariffs will be zero percent once the pact takes effect.
According to Huong, the volume of iron and steel products,fertilizers and machinery account for 12 percent, 25 percent, and 9percent of Vietnam’s total good import from the EAEU, respectively.Those commodities are scheduled to have reduced tariffs.-VNA
