Since October 5, Vietnam-EAEU Free Trade Agreement (FTA) has taken effect. Under the agreement, the tariff of over 90% Vietnamese exported products to EUEA member states will be free or reduced and goods from Vietnam will stand a chance to come to the market of 183 million people.
At the press conference on October 5 named “The effective start of the FTA between Vietnam and EAEU”, as the representative of EAEU Chairman, Kazakhstan Ambassador in Vietnam Beketzhan Zhumakhanov said, “Vietnam-EAEU FTA is the first favor deal under EAEU framework”.
This agreement aims to promote the development and the trade relation between EAEU member states and Vietnam, to create optimal conditions for the concerned parties to spread their products and attract investments from each other.
Every state in EAEU and Vietnam approved this agreement. Over 30 nations including China, India, Egypt, Iran, Israel, Jordan, Singapore, South Korea, Indonesia, Cambodia, etc.. also expressed their desire to expand economic and trade relations with EAEU member states.
Ambassador Beketzhan Zhumakhanov added that, in the role of EAEU Chairman, Kazakhstan had been giving an impulse to discuss with Vietnam about the logistics and transportation cooperation, especially the railway line between two countries.
Russian Ambassador K.V.Vnukov stressed, with FTA, the Vietnam-Russia protocol on the establishment of assembly line automobile of Russian famous manufactures such as KAMAZ, GAZ and other brands in Vietnam will also come in to force. These cars are produced under this line will be consumed not only in Vietnam but also in ASEAN.
On December, 2012, the Supreme Economic Council of Eurasian at the head of countries decided to start negotiating a new link mechanism with Vietnam partners. Then, from March, 2013 to December 2014, there were 8 urgent negotiations and meetings between sessions of specialized working groups. On May 29, 2015, on the sidelines of the second meeting of the InterGovernmental Council of Eurasian in Kazakhstan, the Agreement was signed with the presence of the heads of governments of EAEU member states and Vietnam. Song Thuong