Economy World

Customs Union: negotiations on a free trade agreement with Vietnam

Negotiations between the Customs Union (Russia, Belarus and Kazakhstan) and Vietnam on the establishment of a Free Trade Area (FTA) could start early in the summer, said Andrei Slepnev, Trade Minister the Eurasian Economic Commission on Friday.

“We study the prospects for concluding a free trade agreement between the Customs Union and Vietnam,” said M.Slepnev after talks in Hanoi with Vietnamese leaders, including Deputy Prime Minister Hoang Trung Hai and Minister of Industry and Trade Vu Huy Hoang.

According to Russian official, the analytical report to be ready by early June as a basis for the possible launch of negotiations.

“Vietnam could become the first country in Southeast Asia is to sign a free trade agreement with the Customs Union”, he added.

According to the Eurasian Economic Commission, Vietnam could increase its main exports to $ 6 billion per year over the first two years after the entry into force of the agreement on the FTA.

Equipped with expertise in macroeconomics, tariffs and technical regulations, the Eurasian Economic Commission is a supranational structure that was established to manage the integration tripartite participation and perspective of other countries interested in cooperation more intense with Russia, Belarus and Kazakhstan.

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