Vietnam signs first free trade deal with Russia-led EEU economic block

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Russia’s Prime Minister Dmitry Medvedev (left) shakes hands with Prime Minister of Vietnam, Nguyen Tan Dung

The Eurasian Economic Union (EEU), an economic union of currently four states located primarily in northern Eurasia, and Vietnam have signed a free trade zone agreement. It became the first international document on creating a free trade zone between the EEU and a third party.

The agreement will save exporters from the EEU to Vietnam about $40 to 60 million in the first year, and at the end of the transitional period, the positive effects from lifting customs duties may reach around $55 to $60 million a year. Vietnamese companies, in turn, can expect savings of up to $5 to $10 million a year.

The deal to establish the EEU was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana. The EEU, which came into effect on January 1, 2015, is designed to ensure the free movement of goods, services, capital and workforce on its territory. The EEU currently comprises Russia, Belarus, Kazakhstan and Armenia. Kyrgyzstan has signed documents on its accession to the EEU on May 9 and is currently in the process of joining the union.

Russia’s Prime Minister Dmitry Medvedev said that around 40 states have opted for holding talks on concluding similar agreements like the one with Vietnam on a free trade zone with EEU. During his Thailand visit in April this year, he suggested to the Thai government creating a free trade zone too.

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Reading Time: 1 minute

Russia’s Prime Minister Dmitry Medvedev (left) shakes hands with Prime Minister of Vietnam, Nguyen Tan Dung

The Eurasian Economic Union (EEU), an economic union of currently four states located primarily in northern Eurasia, and Vietnam have signed a free trade zone agreement. It became the first international document on creating a free trade zone between the EEU and a third party.

Reading Time: 1 minute

Medvedev_Viet
Russia’s Prime Minister Dmitry Medvedev (left) shakes hands with Prime Minister of Vietnam, Nguyen Tan Dung

The Eurasian Economic Union (EEU), an economic union of currently four states located primarily in northern Eurasia, and Vietnam have signed a free trade zone agreement. It became the first international document on creating a free trade zone between the EEU and a third party.

The agreement will save exporters from the EEU to Vietnam about $40 to 60 million in the first year, and at the end of the transitional period, the positive effects from lifting customs duties may reach around $55 to $60 million a year. Vietnamese companies, in turn, can expect savings of up to $5 to $10 million a year.

The deal to establish the EEU was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana. The EEU, which came into effect on January 1, 2015, is designed to ensure the free movement of goods, services, capital and workforce on its territory. The EEU currently comprises Russia, Belarus, Kazakhstan and Armenia. Kyrgyzstan has signed documents on its accession to the EEU on May 9 and is currently in the process of joining the union.

Russia’s Prime Minister Dmitry Medvedev said that around 40 states have opted for holding talks on concluding similar agreements like the one with Vietnam on a free trade zone with EEU. During his Thailand visit in April this year, he suggested to the Thai government creating a free trade zone too.

EEU

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