EAEU, Vietnam To Sign Free Trade Deal in May

The Eurasian Economic Union (EAEU) and Vietnam are expected to sign a free trade agreement (FTA) in May 2015, announced Eurasian Economic Commission (EEC) Trade Minister Andrey Slepnev.

Andrey Slepnev revealed that information while addressing a March 17 seminar on managing transport chain in the context of economic downturn, Sputnik news reported.

The EEC Trade Minister was quoted as saying that EAEU and Vietnam are completing the final round of negotiations on bilateral FTA. "In fact, EAEU - VN FTA negotiations have been concluded, and we are completing technical documents for the signing in May," he noted.

This is the first FTA to be signed with a rather large economy, so it is essential to draw more experience, he added.

According to Andrey Slepnev, the creation of a free trade zone between the union and Vietnam could increase the trade flow from the current level of US$4 billion to US$10 billion a few years after the agreement comes into force.