Summary of Vietnam - Eurasian Economic Union FTA

12/10/2015    2160

On May 29, 2015, Nguyen Tan Dung - Prime Minister of Vietnam and Prime Ministers of other member states of the Eurasian Economic Union including Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, officially signed Vietnam - Eurasian Economic Union Free Trade Agreement in Kazakhstan.

Viet Nam has committed to open the market for about 90% of total tariff lines within 10-year tariff reduction schedule. Tariff elimination for products in the priority list of EAEU at the entry into force (EIF) including agricultural commodities (such as beef, dairy products, wheat flour); after 3-5 years since EIF including processed meat and fish, electrical machinery, machinery used in agricultural; after 5 years since EIF including pork, chicken;  after 10 years since EIF including alcohol beverages and cars. For some special products, tariff elimination will be not earlier than 2027 for petrolium, and not longer than 10 years for iron and steel.

EAEU also shall eliminate the tariff rate for approximately 90% of all tariff lines, particularly, immediately eliminate 59% of total tariff lines. Groups of product will be eliminated the import tariff rate are agricultural-forestry-fishery products of Viet Nam (majority of fishery items, some certain kinds of fresh and processed vegetable and fruits, processed meat and fish, cereals, rice (with the tariff quota is 10,000 tons)); and some industrial goods that Viet Nam has advantage in export (such as: textile (in quota) and raw textile materials, footwear (especially athletic shoes), machinery, electronic components, some pharmaceutical products, iron and steel, rubber products, and wood and furniture,…

In order to provide Vietnamese businesses the overview of content and impacts of VKFTA, WTO Center and Integration - VCCI published the Summary of Vietnam - Eurasian Economic Union FTA

The Summary in Vietnamese is attached below