Moscow (VNA) – A joint committee on the Vietnam – EurasianEconomic Union (EAEU) Free Trade Agreement convened its first meeting at the Moscowheadquarters of the Eurasian Economic Commission (EEC) on June 29.

🥂[Nearly 5,000 tariff lines to go down to zero under Vietnam-EAEU FTA]

Taking place in conjunction with President Tran Dai Quang’sofficial visit to Russia, the session was co-chaired by Vietnamese Minister ofIndustry and Trade Tran Tuan Anh and EEC Minister for Trade Veronika Nikishina,with the participation of delegates from Belarus, Armenia, Kyrgyzstan andKazakhstan.

The meeting, held 7 months after the FTA took effect, lookedback at the implementation of the pact, scrutinized its impacts on bilateraltrade and envisioned next steps in bilateral economic-trade cooperation.

Minister Tran Tuan Anh told the press after the meeting thatthe sides agreed the pact has brought about positive outcomes, particularly aremarkable increase of trade between Vietnam and the Eurasian Customs Union(EACU), which consists of all EAEU member states.

Minister Veronika Nikishina said after 7 months, Vietnam-EAEUbilateral trade has grown approximately 30 percent, with mutual benefitsrecorded for both sides. Improved performance has been posted for not onlycommodities subject by the FTA but also those not targeted by the pact.

The meeting also considered measures to harmonise measuresof member countries in such areas as animal-plant quarantine and goods origincertification, in order to create smooth coordination in implementing the FTA.

It was agreed that assessment units will be set up to advisethe joint committee in how to deal with issues of difference, such as healthimpacts of construction materials and safety standards for plants and animals.

The EAEU, which comprises Russia, Belarus, Kazakhstan,Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015. This was thefirst FTA signed between the EAEU and an external partner, which came intoforce on October 5, 2016.

The agreement will abolish 90 percent of tax lines,equivalent to 90 percent of bilateral trade turnover.
 
The deal is expected to increase trade revenue betweenVietnam and the EAEU to 10 billion USD in 2020 from the current yearly averageof 4 billion USD.-VNA