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Kazakhstan Parliament ratifies free trade agreement with Vietnam, Eurasian Economic Union

February 11, 2016, 9:35 UTC+3 ASTANA
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ASTANA, February 11. /TASS/. The upper chamber of the parliament of Kazakhstan ratified a free trade agreement with the Eurasian Economic Union (EAEU) and its member Ssates and Vietnam on Thursday.

The document signed on May 29, 2015, aims to create favorable conditions for mutual trade and investment. The agreement includes duty-free trade regime between the countries of the EAEU and Vietnam. At the same time, according to the Deputy Minister of Economy of the Republic of Kazakhstan Marat Kusainov, for some goods "there is a transitional period for the abolition of import duties." "Some sensitive products were withdrawn from the free trade regime and duties will apply to such goods, in accordance with the import tariff will be applied against the sides of these goods," - he said.

The grants the right to the use special protective, antidumping and countervailing measures in accordance with WTO rules, as well as "protective mechanism in the form of customs duty at the level of the EAEU Common Customs Tariff. It will protect sensitive EAEU textile goods and furniture if the threshold of annual import volumes from Vietnam is exceeded," Kusainov said.

Earlier the Kazakhstan Ministry of National Economy estimated possible losses of the national budget due to the abolition of import duties at 458 mln tenge ($1.26 mln) per year, noting that in general the economy would benefit as the duties would be lowered for the national exports as well. According to Vice-Minister of Economy Timur Zhaksylykov, in 2015 the trade turnover between Kazakhstan and Vietnam amounted to $205 mln.

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