Vietnam serves as bridge connecting ASEAN and EAEUThursday, September 5,2019
AsemconnectVietnam - Vietnam is an active and responsible member in ASEAN, and the first partner to sign a free trade agreement (FTA) with the Eurasian Economic Union (EAEU), said Deputy Prime Minister Trinh Dinh Dung at a discussion within the fifth Eastern Economic Forum in Russia’s Vladivostok city on September 4.
He reviewed major milestones in cooperation between ASEAN and Russia and EAEU, with the latest the signing of a memorandum of understanding on economic cooperation between the grouping and the union on November 14, 2018.
Last year, trade between ASEAN and EAEU hit approximately US$23.15 billion, a year-on-year rise of 15%. Among ASEAN member states, Vietnam, Singapore, Thailand and Indonesia are the union’s major trade partners.
To maintain the annual trade growth of roughly 25-30% between ASEAN and EAEU, the Deputy PM called on Vietnamese and Russian Governments to work hand in hand in carrying out measure packages to help businesses optimize tax incentives, while signing special agreements to reduce non-tariff barriers pertaining to technologies and quarantine.
Additionally, Vietnam and Russia need to utilize their mutual trust and close ties to support the partnership between ASEAN and EAEU, he said, noting that the effective implementation of the FTA between Vietnam and EAEU would incentivize other countries to develop a similar deal between ASEAN and EAEU.
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