BURABAI SETLEMENT /Kazakhstan/, May 29. /TASS/. A free trade deal between the Russia-led Eurasian Economic Union (EEU) and Vietnam will facilitate the development of both countries and strengthen bilateral relations, Russian Prime Minister Dmitry Medvedev said on Friday.
The Russian premier made this statement at a meeting with his Vietnamese counterpart Nguyen Tan Dung.
"As we agreed with you, we have reached the stage of signing an agreement between the Eurasian Economic Union and the Socialist Republic of Vietnam on a free trade zone. I hope this will facilitate the development of our countries and strengthen our relations," Medvedev said.
In turn, the Vietnamese prime minister said Vietnam would honor all of its obligations, including commitments assumed during Prime Minister Medvedev’s recent visit to the Southeast Asian country.
"We want to personally thank you and also the Russian government and the governments of other member states of the Eurasian Economic Union for your support and close interaction with you, which has helped us complete the negotiations within a very short period of time, just within two years, and come to the signing of an agreement on establishing a free trade zone today," the Vietnamese premier said.
The free trade agreement between the EEU and Vietnam will be signed after a session of the Eurasian Intergovernmental Council. The deal will be the first international document on a free trade area between the post-Soviet trade bloc and a third country.
The Treaty on establishing the Eurasian Economic Union 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. Ratification procedures are currently under way for Kyrgyzstan.to join the trade bloc.