Signing of joint statement concluding negotiations on Vietnam-Customs Union FTA

On the morning of December 15, a joint statement on the conclusion of negotiations was signed by the two heads of negotiating delegations under the witness of Prime Minister Nguyen Tan Dung.

Vietnam and the Customs Union of Russia, Belarus and Kazakhstan have concluded negotiations on a Free Trade Agreement. A joint statement on the conclusion of negotiations was signed by the two heads of the negotiating delegations, witnessed by Prime Minister Nguyen Tan Dung at the Conference Center for Events of Kien Giang Province, Phu Quoc Island District.

Minister of Industry and Trade Vu Huy Hoang and Minister of Trade of the Eurasian Economic Commission Andrei Slepnhev signed a Joint Statement on the conclusion of negotiations on the Vietnam-Customs Union Free Trade Agreement. This is a new generation and comprehensive free trade agreement with a high level of commitment from trade in goods to services and investment; a free trade area between Vietnam and the Customs Union.

Under this Agreement, the Customs Union will grant Vietnam tariff preferences, creating important new export opportunities for groups of goods that Vietnam has fundamental interests in, such as agricultural products, all aquatic products, and industrial products such as textiles, garments, footwear, and wooden furniture. Vietnam will also open its market to the Customs Union with a roadmap for some livestock products, some industrial products including machinery, equipment, and means of transport. These products do not compete with Vietnamese goods, but contribute to diversifying the domestic consumer market.

It is expected that the two sides will complete the remaining technical issues and complete the necessary internal procedures to officially sign the Agreement in early 2015, and this is also the first free trade agreement that the Customs Union has signed with a foreign country.

According to VTV