Jun 03 2015

EURASIAN ECONOMIC UNION SIGNS A FREE TRADE AGREEMENT WITH VIETNAM

On May 29th 2015 the Eurasian Economic Union and Socialist Republic of Viet Nam signed a Free Trade Agreement (FTA), which will enter into force 60 days from subsequent ratification.

Among the key provisions of the FTA are the agreed progressive reduction and/or elimination of customs duties on goods originating from the Parties, applying to over 6,000 categories (Harmonized System sub-codes) of goods. Armenian businesses may particularly benefit from elimination of customs duties on such goods as metal ores and various foodstuffs. It was announced during the signing ceremony that the respective reductions under the FTA will save exporters from the EAEU around $40-60 million per year.

Additionally, the FTA establishes Most-Favoured-Nation Treatment in relation to import and export of goods, treatment of investments, intellectual property and other trade related issues.

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