Viet Nam agreed to reduce or abolish tariffs for 87.7 per cent of lines of goods imported from the union. — Photo vietq.vn

HA NOI (Biz Hub) — The State Duma of Russia has ratified the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Viet Nam.

This is the first FTA of the union, which consists of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, with another country.

Yesterday, Russia's Deputy Minister of Economic Development Alexei Likhachev said the establishment of the free trade area would foster trade between the union and Viet Nam and boost economic relations.

It would also facilitate the union's access to economies in the Asia Pacific region, he said.

According to the agreement, members of the union committed to cutting or eliminating tariffs for 87.4 per cent of lines of goods imported from Viet Nam, and Viet Nam agreed to reduce or abolish tariffs for 87.7 per cent of lines of goods imported from the union.

The agreement would also enable aid trade protection, anti-dumping and compensation measures in accordance with regulations of the World Trade Organisation.

On Februay 24, Kazakhstan President Nursultan Nazarbayev also issued a law adopting the EAEU-Viet Nam FTA. — VNS