Eurasian Economic Union, Vietnam sign FTA
Through the new agreement, the parties reportedly aim to increase bilateral trade, services and investment as well as to expand bilateral cooperation in the region. The FTA covers trade, customs facilitation, intellectual property, investments, legal matters, military industries, and lifts legal and technical barriers to facilitate trade. For garments and textiles and value added items, the parties agreed on an abatement of 80% of import duties.
According to the EEU and Vietnam, in less than five years, trade between the two may more than double to around $10 billion from the current $4 billion.
Previously, Vietnam signed a free trade agreement with South Korea and is now in talks with the European Union for another FTA which is expected to be signed later this year. Once the FTA is signed, Vietnam’s exports to the EU are expected to increase by 30 to 40%. In addition, Vietnam is also planning to join to the Trans-Pacific Partnership (TPP), a bloc which reportedly constitutes 25% of global trade.
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