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Vietnam-EAEU free trade zone to come into force in summer — ambassador

June 29, 2016, 15:48 UTC+3 MOSCOW

Russia's ambassador in Hanoi says entrepreneurs will be able to tap their niches in Vietnam

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MOSCOW, June 29. /TASS/. The ratification of the free trade zone agreement between Vietnam and the Eurasian Economic Union (EAEU) is at its final stage, Russia's Ambassador in Hanoi Konstantin Vnukov told TASS, adding that the document will come into force in the summer.

"We’re pinning big hopes on the agreement," he said, "as it has become the first agreement for the EAEU of the kind made with a foreign state and has already been taken as an example for development of similar documents with a whole range of other countries, including in the Southeast Asia."

According to Vnukov, "the ratification of the agreement with all its six participants is currently being finalized."

"We expect the document to come into force in the summer, and it is important for us to ensure it happens before other substantial for Vietnam agreements on preferencial trade are enforced, first of all those with the European Union and within the Trans-Pacific Partnership," he added.

"Russian entrepreneurs will be able to better adjust to new terms of doing business and tap their niches in Vietnam," the ambassador said.

On May 2, Russian President Vladimir Putin signed a law, which ratifies the agreement on creation of a free trade zone between the European Economic Union and Vietnam, which is the first international agreement on preferential trade terms the EAEU made with a third country.

The draft agreement on free trade zone between the EAEU and Vietnam was signed on May 25, 2015 by Russian Prime Minister Dmitry Medvedev.

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