Russian government’s legislative committee on Tuesday endorsed a free trade deal between Eurasian Economic Union (EEU) and Vietnam, in a bid to streamline the flow of goods between the EEU and Asia Pacific.
The draft law will now be scrutinized by the Russian government at a meeting. The deal needs to be ratified since it contains regulations that diverge from those enshrined in Russian laws.
“The implementation of the agreement will help boost mutual flow of goods and strengthen trade and economic ties between its signatories, create conditions for EEU gaining a greater role in integration processes underway in the Asia-Pacific region,” the Russian government said in a statement.
The Eurasian Economic Union, which came into being in January 2015, is an economic union of former Soviet republics, namely Armenia, Belarus, Kazakhstan, Russia, and Kyrgyzstan.
Vietnam signed a trade pact with the five-member bloc on May 29, 2015. It stipulates that all parties are to tear down all major trade barriers in their markets for imports of other state signatories.
A separate batch of protocols stipulates commitments on bilateral trade in services, company management and travel that Russia and Vietnam have as member states of the World Trade Organization.