Belarus, Kyrgyzstan ratify EAEU – Viet Nam trade deal

Thursday, May 26, 2016 16:09

Tuna is one of main products of Viet Nam for exports. — Photo VNA

HA NOI (Biz Hub) — The House of Representatives of Belarus and Kyrgyzstan's national assembly ratified the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Viet Nam on May 25.

According to Russian news agency TASS, Belarusian First Deputy Minister of Foreign Affairs Aleksandr Mikhnevich said the trade pact would boost bilateral co-operation with Viet Nam, helping Belarus' products make inroads into Viet Nam, which is a gateway to the Southeast Asian market.

The Kazakhstan Government said the agreement would facilitate local goods entering the Vietnamese market.

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Viet Nam in May 2015. This was the first FTA signed between the EAEU and an external partner.

Previously, Russia and Kazakhstan ratified the trade pact, which will lift most tariffs on goods traded among its participants.

The deal is expected to increase trade revenue between Viet Nam and the EAEU to US$10 billion in 2020 from the current yearly average of $4 billion. — VNS

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