European media hails trade deal between Vietnam and EAEU

14:03 | 02/06/2015 Trade Follow Ven.vn on

The free trade agreement (FTA) signed between Vietnam and the Eurasian Economic Union (EAEU) marks Vietnam’s deepened integration into the international market, the Euro Presse Image highlighted on June 1.

Prime Minister Nguyen Tan Dung (front, right) signs the FTA with the EAEU leaders. Russian PM Dmitry Medvedev is on the left (Photo: VNA)

The FTA is the first deal the EAEU, including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, has inked with a third side, according to the Euro Presse Image.

The trade deal will help the EAEU expand trade and investment ties with Southeast Asia and the Asia-Pacific region, the article cited Viktor Khristenko, Chairman of the Board of the Eurasia Economic Commission.

Meanwhile, Vietnam, an ASEAN member, will serve as a bridge linking the EAEU and the ASEAN, assisting the union in extending its affiliation with the ASEAN Community, a 600 million-strong market with a GDP of 2.5 trillion USD.

In return, Vietnam will be able to access the 175 million-resident market with a GDP of 1.5 trillion USD.

Two-way trade is forecast to expand 18-20 percent each year to 10-12 billion USD in 2020, from 4 billion USD in 2014.

The inked FTA covers programmes across goods trading, origin principles, investment, intellectual property, legality and institutions, among others.

Speaking to the media after the signing ceremony, Prime Minister Nguyen Tan Dung said the free trade deal is a part of the EAEU’s strategy for cooperation with the Asia- Pacific region.

Vietnam is finalising free trade negotiations with a number of countries including the US, Japan, the EU, Canada, Australia, New Zealand and the Republic of Korea.

Source VNA

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