The Eurasian Economic Union (EAEU) free trade deal will offer Vietnamese enterprises access to a market of more than 183 million people whose needs are suited to local exports.
The Head of the European Market in the Ministry of Industry and Trade, Dang Hoang Hai, was speaking at a joint press conference with ambassadors from other free trade pact member countries marking its effectiveness from October 5.
“The event marks a positive move in our strategic relations in economic and trade cooperation, investment and services. This is the first Eurasian union free trade deal with a signatory from a non-member state and the first between Vietnam and an economic union. Good preparations will bring about breakthroughs in our relations," he said.
The free trade deal will ensure duty free and tariff reductions to more than 90% of Vietnamese exports and double the two way trade turnover to between 8 and 10 billion dollars in the coming time.
Russia’s trade representative in Vietnam, Ivan Gumnikov, said trade turnover generated from garment and textile products will increase by 50%.
Meanwhile, Armenian Ambassador Vardanyan R.G said the deal helps expand trade among the EAEU, the Shanghai Cooperation Organisation (SCO), ASEAN and the EU.
Belarusian Ambassador V.Goshin affirmed his nation will step up the import of Vietnamese seafood, rice, rubber, tea, coffee, spice and clothes.
With ample opportunities and modern infrastructure, Belarus can act as a gateway for Vietnamese companies to access the EAEU countries and Eastern European nations, he emphasized.
The enforcement of the EAEU-Vietnam free trade agreement is expected to elevate bilateral trade to US$8-10 billion in the time ahead from the current US$4 billion.
Source: VOV