Kazakhstan ratifies Vietnam-Eurasian Economic Union FTA
The upper chamber of the Kazakhstani parliament has ratified a free trade agreement between the Eurasian Economic Union (EAEU) and Vietnam, according to the Russian news agency TASS on February 11.
Hanoi (VNA)🎶 - The upper chamber of the Kazakhstani parliament has ratified a free trade agreement between the Eurasian Economic Union (EAEU) and Vietnam, according to the Russian news agency TASS on February 11.
The document was signed in Kazakhstan’s Burabay township on May 29, 2015, opening up favourable conditions for mutual trade and investment.
Once the deal takes effect, nearly 90 percent of goods will enjoy lower tariffs and 60 percent will be entitled to zero tax. It is also the first FTA that the EAEU has signed with a country.
The EAEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
The Kazakhstani Ministry of National Economy predicted that the country will export more of its foodstuff to Vietnam, including flour, cereals, milk and pork.
Last year, two-way trade between Vietnam and Kazakhstan amounted to 205 million USD.-VNA
Vietnamese businesses operating in Russia were updated on the Free Trade Agreement between Vietnam and the Eurasian Economic Union at a recent conference in Moscow.
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Over 40 countries worldwide want to establish free trade agreements (FTA) with the Eurasian Economic Union (EAEU) which comprises Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.
Russian President Vladimir Putin has called on major businesses in the country to give proposals to promoting economic collaboration among member countries of EAEU, SOC and ASEAN.
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The signing ceremony in 2015 (Source: VNA)
