Kazakhstan President Nursultan Nazarbayev (Photo: VNA)
Hanoi (VNA) – Kazakhstan has ratified a free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU).

Kazakhstan President Nursultan Nazarbayev signed into law the approval of the FTA on February 24.

The agreement was inked in Burabay, Kazakhstan, on May 29, 2015 to facilitate trade and investment between the two sides.

It provides duty-free trade for most commodities from Vietnam and EAEU members – namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

It also applies protective, anti-dumping and countervailing measures in accordance with World Trade Organisation (WTO) regulations.

This is the first free trade pact the EAEU has signed with a country.

The Kazakh Ministry of Economy outlined the prospects of exporting a number of goods to Vietnam, such as flour, grain, alcohol, dairy products and beef.

Deputy Minister Timur Jaksylykov said trade between Vietnam and Kazakhstan reached 205 million USD in 2015.-VNA