This is the first FTA of the union, which consists of Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, with another country.Russia’s Deputy Minister of Economic Development Alexei Likhachev said on April 25 the establishment of the free trade area would foster trade between the union and Vietnam and boost economic relations.It would also facilitate the union’s access to economies in the Asia Pacific region, he said.

According to the agreement, members of the union committed to cutting or eliminating tariffs for 87.4 % of lines of goods imported from Vietnam, and Vietnam agreed to reduce or abolish tariffs for 87.7% of lines of goods imported from the union.

The agreement would also enable to aid trade protection, anti-dumping and compensation measures in accordance with regulations of the World Trade Organisation.On February 24, Kazakhstan President Nursultan Nazarbayev issued a law adopting the EAEU-Vietnam FTA.