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Customs Union, Vietnam discuss free trade agreement
MOSCOW, 15 December (BelTA) – The Customs Union and Vietnam have discussed key provisions of the free trade agreement. The corresponding statement was signed by the heads of delegations – Member (Minister) for Trade in the Eurasian Economic Commission Andrei Slepnev and Minister of Industry and Trade of Vietnam Vu Huy Hoang – after the eighth round of negotiations in Vietnam’s island of Phu Quoc on 15 December, BelTA learned from the press service of the Eurasian Economic Commission.
“We have discussed all important provisions of the future agreement. We believe that we manage to reach a fair balance of benefits for the two sides and to outline necessary instruments to minimize risks for the businessmen of the union,” Andrei Slepnev said. “Of course, our work is not over yet. The other issues will be harmonized during consultations. Apart from that, experts and lawyers of the two sides will have to finalize technical issues regarding the text of the agreement so the Eurasian Economic Union and Vietnam could sign the free trade agreement in H1 2015,” he added.
According to preliminary data, the establishment of the free trade zone between the Eurasian Economic Union and Vietnam can help boost the bilateral trade from $4 billion to $10 billion within a few years after the agreement enters into force.
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