Workshop highlights untapped potential of Vietnam-EAEU FTA hinh anh 1Illustrative image (Source: internet)

Moscow (VNA) - The implementation of the Free Trade Agreement (FTA) between the Eurasia Economic Union (EAEU) and Vietnam over the last two years was reviewed at a workshop in Moscow, Russia on October 19.

Jointly held by the Vietnamese Embassy in Russia and the Institute of Economics at the Russian Academy of Sciences, the event brought together over 60 delegates who are officials, experts, scholars and researchers from many ministries and agencies of Russia and Vietnam.

In his opening remarks, Ambassador Ngo Duc Manh said after two years implementing the FTA, the trade turnover between Vietnam and member counties of the EAEU has recorded strong growth, from 3.04 billion USD in 2016 to 3.9 billion USD in 2017.

Participants to the workshop examined the impact of the agreement’s implementation on trade ties between Vietnam and EAEU member nations in general and with Russia in particular; and looked into difficulties and challenges facing Vietnamese enterprises when entering the EAEU market.

They also analyzed the shortcomings and limitations that need to be addressed in implementing the FTA and proposed solutions to them.

The participants agreed that despite the good growth in trade, potential of the FTA is yet to be fully tapped, saying that more efforts should be done to effectively exploit the advantages brought by this agreement.

According to Le Truong Son, President of the Association of Vietnamese Businesses in Russia, despite the huge tax reduction schedule, non-tariff barriers remain unchanged. Therefore, he noted that Vietnamese enterprises must study and develop suitable distribution models for their products.

Discussing steps to increase bilateral trade between Vietnam and EAEU in the near future, Director of the  Vietnam-ASEAN Research Centre under the Far East Institute (Russia's Science Academy) Vladimir Mazyrin said the two sides should take measures to reduce costs of products, increase the competitiveness of goods, make better use of tariff preferences, and improve the method of payment and transportation.

The Vietnam-EAEU FTA was signed on May 29, 2015 between Vietnam and five EAEU countries, including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. It took effect on October 5, 2016. The agreement contributes to boosting economic development in each country, and promoting bilateral trade, services and investment, and expanding cooperation in the region.-VNA