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Eurasian Economic Union, Vietnam agreement may double mutual turnover in coming years

September 21, 15:49 UTC+3
The free trade zone agreement between the EAEU and Vietnam will come into force from October 5, 2016
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© EPA/MINH HOANG

MOSCOW, September 21. /TASS/. The free trade zone agreement between the Eurasian Economic Union (EAEU) and Vietnam will make possible to double the bilateral trade turnover in recent years, a representative of the Eurasian Economic Commission (EEC) told TASS on Wednesday.

"According to preliminary estimates, creation of the free trade zone agreement between the EAEU and Vietnam may boost the trade turnover from the current level of $4 bln to $8-10 in several coming years. Following the agreement coming into effect, Vietnam should cancel (set to zero) import duty rates for suppliers from the Eurasian [Economic] Union for more than 59% tariff lines of the total range of goods," the official said.

Import duty rates will be slashed to zero for 30% more of the goods range during the transitional period. "Hence cancellation of import duties by the Vietnamese side does not cover just 12% of the goods range, where the Union member-states have no export interest in the majority of cases," the EEC representative added.

The free trade zone agreement between the EAEU and Vietnam will go live from October 5, 2016, Russia’s First Deputy Prime Minister Igor Shuvalov said earlier.

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