Processing tuna for export at a Vietnamese food plant (Photo: VNA)
Moscow (VNA) – A joint committee on the Vietnam – Eurasian
Economic Union (EAEU) Free Trade Agreement convened its first meeting at the Moscow
headquarters of the Eurasian Economic Commission (EEC) on June 29.
[Nearly 5,000 tariff lines to go down to zero under Vietnam-EAEU FTA]
Taking place in conjunction with President Tran Dai Quang’s
official visit to Russia, the session was co-chaired by Vietnamese Minister of
Industry and Trade Tran Tuan Anh and EEC Minister for Trade Veronika Nikishina,
with the participation of delegates from Belarus, Armenia, Kyrgyzstan and
Kazakhstan.
The meeting, held 7 months after the FTA took effect, looked
back at the implementation of the pact, scrutinized its impacts on bilateral
trade and envisioned next steps in bilateral economic-trade cooperation.
Minister Tran Tuan Anh told the press after the meeting that
the sides agreed the pact has brought about positive outcomes, particularly a
remarkable increase of trade between Vietnam and the Eurasian Customs Union
(EACU), which consists of all EAEU member states.
Minister Veronika Nikishina said after 7 months, Vietnam-EAEU
bilateral trade has grown approximately 30 percent, with mutual benefits
recorded for both sides. Improved performance has been posted for not only
commodities subject by the FTA but also those not targeted by the pact.
The meeting also considered measures to harmonise measures
of member countries in such areas as animal-plant quarantine and goods origin
certification, in order to create smooth coordination in implementing the FTA.
It was agreed that assessment units will be set up to advise
the joint committee in how to deal with issues of difference, such as health
impacts of construction materials and safety standards for plants and animals.
The EAEU, which comprises Russia, Belarus, Kazakhstan,
Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015. This was the
first FTA signed between the EAEU and an external partner, which came into
force on October 5, 2016.
The agreement will abolish 90 percent of tax lines,
equivalent to 90 percent of bilateral trade turnover.
The deal is expected to increase trade revenue between
Vietnam and the EAEU to 10 billion USD in 2020 from the current yearly average
of 4 billion USD.-VNA