FTA helps boost Vietnam-EAEU trade ties

At the third meeting of the joint commission on the implementation of the FTA between Vietnam and EAEU (Photo: VNA)

Moscow (VNA) – The free trade agreement between Vietnam and the Eurasia Economic Union (EAEU) has contributed to trade between the Southeast Asian nation and EAEU member countries, heard a meeting in Moscow on October 13.

The third meeting of the joint commission on the implementation of the FTA was co-chaired by Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Minister for Trade of the EAEU Andrey Slepnev. It aimed to review the five-year implementation of the trade deal.

According to the EAEU, trade between the two sides increased from 5.9 billion USD in 2017 to 7.8 billion USD last year.

At the meeting (Photo: VNA)

Dien, however, pointed out that certain provisions and commitments of the agreement are no longer suitable with the current context, and suggested the two sides upgrade it to optimise new potential and opportunities.

He asked the EAEU to take note of Vietnam's concerns regarding the limitations of safeguard measures and the low rice quota.

The EAEU side mentioned issues regarding green economy in which Vietnam said it wants to cooperate and exchange experience with the EAEU.

Comprising Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, the EAEU signed the FTA with Vietnam in May 2015, its first with an external partner./.

VNA