A conference on establishing a free trade zone between the Eurasian Economic Union (EAEU) and Vietnam was held at the Far East Institute under the Russian Academy of Sciences (RAN) in Russia on June 8.
The event is the first scientific conference in Russia on the free trade agreement (FTA) between EAEU and Vietnam which was signed on May 29.
The event drew the participation of experts from the Russian Ministry of Economic Development, Economic Commission for Asia and Europe, Vietnam Trade Office in Russia, Vietnamese Business Association in Russia, among others.
Eleven reports were presented at the conference, addressing technical aspects of the FTA, including tariff reduction schedules, legal frameworks, the role of the agreement in promoting trade between Vietnam and the 182-million population market of the EAEU as well as the economic benefits and impacts in terms of politics, geopolitics and policies that the FTA brings.
The Vietnamese Embassy’s Commercial Counsellor in Russia Pham Quang Niem said the FTA will open up numerous business opportunities for both sides as about 90% of items will experience reduced tariffs, 60% of which will have zero tariffs when the FTA officially takes effect.
According to Deputy Director of the Trade Policy Committee of the Eurasian Economic Commission (EEC) Artyom Anikyev, the deal is the first international agreement of the group and will create a precedent.
He noted that Vietnam is a key Southeast Asian partner to all member states of EAEU and the deal is intended to help the group penetrate Southeast Asian and Asian markets.