The State Duma ratified the free trade zone agreement and protocols thereto between the Eurasian Economic Union (EAEU) and Vietnam at the plenary session on Friday.

The agreement was signed on May 29, 2015 in Kazakhstan and is the first international agreement on the free trade zone between the EAEU and the third party.

The agreement particularly stipulates conditions for liberalization of trading between EAEU member-states and Vietnam by cutting or zeroing import duty rates on a significant group of commodities.

Bilateral obligations of Russia and Vietnam are also provided in the agreement, particularly in respect of services trading, incorporation of companies and other types of investments, Russia’s First Deputy Minister of Economic Development Alexey Likhachev said commenting on ratification of the document.