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FTA between Vietnam and EEU enters into force in end September - eurasiatxeurasiatx

FTA between Vietnam and EEU enters into force in end September

Aug 15, 2016 9:00 am

In end July, all the EEU members ratified the agreement and the relevant notification was sent to the Vietnam authorities. Within 60 days it is meant to be implemented

The free trade agreement between the Eurasian Economic Union (EEU) and Vietnam to come into force in a month, reads the Eurasian commission (EEC) statement.

At the end of July (July 28) all the Member States of the EEU completed the ratification of the FTA between the EEU and Vietnam. According to the EEC Trade Minister Veronica Nikishina the relevant notification was also sent to the Vietnam authorities. The agreement is to be implemented within 60 days from the receipt of the notification.

“We can say that all the necessary procedures to implement the FTA between the EEU and Vietnam are completed. All the MS ratified the document. We’ve also sent a necessary notification to the Vietnamese partners, and, therefore, within 60 days the agreement shall enter into force,” Nikishina said.

With this agreement Vietnam will open up its market for the EEU goods, such as, for instance, beef, pork and poultry meat, as well as processed products, canned fish, seeds, dairy products, vegetable oil, animal feed, alcoholic beverages; as well as precious stones, vehicles, mechanical equipment, electronic equipment, automobile parts, steel products, agricultural machinery etc.

“The customs duties on imports from Vietnam are meant to decrease to 2% by 2025, with exception for some ‘sensitive’ goods,” explains Nikishina.

The agreement also defines mechanisms to increase cooperation in several areas, such as trade barriers, sanitary and phytosanitary measures, intellectual property, and competition.

Source URL: http://eurasiatx.com/50468/