Vietnam signed an FTA with the Eurasian Economic Union

On May 29, Prime Minister Nguyen Tan Dung, the Eurasian Economic Union and the prime ministers of member countries, officially signed the FTA in Burabai province, Kazakhstan, after more than two years of negotiations. Member countries include Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.

The official signing ceremony of this FTA was held at the meeting of the Intergovernmental Council of the Eurasian Economic Union at the prime ministerial level in Burabai province, Kazakhstan.

According to a statement from the Ministry of Foreign Affairs, speaking after the signing ceremony, the Prime Minister affirmed that the Vietnamese market with more than 90 million people will be a new destination for goods from member countries of the Eurasian Economic Union (EEU). He expressed his firm belief that after the FTA officially takes effect, Vietnam's strong goods will strongly penetrate the Eurasian Economic Union market, contributing to diversifying the consumption market and meeting the needs of the people of the Union's member countries.

The Prime Minister also affirmed that, Vietnam, a dynamic member of ASEAN, will make efforts for the Eurasian Economic Union to expand relations with the ASEAN Community,  a unified, dynamically developing market of 600 million people with a GDP of about 2,500 billion USD.

According to Reuters, this is the first FTA signed between the EEU, a Russia-led agency, and a third party, as the alliance seeks to increase its presence in Asian markets.

“An event of historic significance took place today,” Viktor Khristenko, Chairman of the Standing Committee of the Eurasian Economic Committee, said, after the prime ministers of five EEU member countries signed an FTA with Prime Minister Nguyen Tan Dung.

Khristenko said that this Agreement will help Vietnamese businesses have the opportunity to access the consumer markets of 5 countries with 180 million people, GDP scale of over 2,500 billion USD, enjoy many preferential conditions and customs facilitation, helping to promote Vietnam's export of goods, services and investment.

Prime Minister Nguyen Tan Dung expressed his belief that after officially signing the Agreement, Vietnam and the Union member countries will quickly complete internal approval procedures so that the Agreement will soon take effect and be successfully implemented, bringing benefits to businesses and people of both sides.

Source: Vnexpress