Russian Cabinet has approved a draft agreement on a free trade area between the EAEC and Vietnam – RIA Novosti

MOSCOW, May 25 – RIA Novosti. The Russian government has approved a draft agreement on free trade zone between the Eurasian Economic Union and Vietnam, the corresponding order was published on the website of the Cabinet on Monday.

“The implementation of the Agreement will help to increase mutual trade and the development of trade and economic relations between its participants, and will solve the problem of connecting the EAEC to the integration processes in the Asia-Pacific region,” – said in a reference to the document.

The draft agreement provides for the tariff liberalization of trade in goods between the states – members of the EAEC and Vietnam by reducing or zero import duties on most of the headings included in the commodity nomenclature of parties to the Agreement. In this Agreement, the parties will retain tariff protection for some of the most sensitive commodity items, added the report.

The draft agreement was discussed and approved at a cabinet meeting May 21, 2015.

How to create EAEC

The Eurasian Economic Union (EAEC) – an economic union that is part of the Eurasian integration January 1, 2015 is created on the basis of the Customs Union of Russia, Kazakhstan and Belarus. Cooperation in the sphere of interstate integration in the economic sphere in the post-Soviet space is conducted from the late 1990s. February 26, 1999, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan signed the Agreement on the Customs Union and the Common Economic Space. Read more in reference to RIA Novosti & gt; & gt;

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