FTA negotiations between VN, Customs Union concluded
16/12/2014 40A signing ceremony of a Joint Statement on the conclusion of the negotiations of the Free Trade Agreements (FTA) between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan was held in Phu Quoc Island on December 15.
Under the witness of PM Nguyen Tan Dung, Minister of Industry and Trade Vu Huy Hoang and Minister for Trade of the Eurasian Economic Commission Andrey Slepnev signed the Joint Statement.
The agreement includes contents on goods trade, service trade, investment, customs cooperation, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT) and legal and institutional issues.
The Customs Union will give priorities for Viet Nam in tariff advantages, create chances for the export of Vietnamese goods, including agricultural and aquatic products, garment, footwear and timber.
The Vietnamese side approves a roadmap for a number of products from the Customs Union including feed, machines, equipment and vehicles to enter Viet Nam.
Other commitments relating to services, investment, intellectual property, competitiveness, trade defense, SPS and TBT have been agreed basing on the regulations of the World Trade Organization and domestic regulations.
The signing of the FTA is regarded as a crucial move to promote the cooperative and boost trade and investment for the sake of both sides.
The two sides will complete technical issues and necessary internal procedures to officially sign the FTA in early 2015.
The completion of the FTA negotiation round is expected to enhance the bilateral relationship between Viet Nam and the Customs Union and the relations between the Customs Union and other nations in ASEAN, asserted Minister Vu Huy Hoang.
When the FTA is signed, the two-way trade turnover will make a new record, initiated Minister A. Slepnhev, adding that it will enhance investment and create more jobs to make realistic contributions to mutual development.
Source: Viet Nam Government Portal