EAEU – Vietnam FTA achieves positive outcomes
Monday, October 22,2018AsemconnectVietnam - Two years on from signing the Eurasian Economic Union (EAEU) - Vietnam free trade agreement (EAEU – Vietnam FTA), both sides have made some important achievements, according to participants at a workshop held in Russia on October 19.
Addressing the event, Vietnamese Ambassador to Russia Ngo Duc Manh affirmed that signing the agreement is a historic event as Vietnam became the first international partner to sign the FTA with the Union. This agreement creates a motive for each country to boost its economic development, enhance trade, increase the exchange of services, forge deeper bilateral investment and expand regional cooperation ties.
Those from each side of the trade agreement believe that both sides have made some important achievements, evidence for this being in an increase in two-way trade value. According to the statistics of the Vietnam Customs, bilateral trade value between Vietnam and the EAEU increased from US$3.04 billion in 2016 to US$3.9 billion in 2017.
Delegates also pointed out some obstacles that hindered closer economic cooperation such as bilateral payment in domestic currencies, long geographic distances, a lack of information about investment, as well as business and market policies.
The workshop took place on the threshold of the 21st meeting of the Vietnam-Inter-Governmental Committee for Economic-Commercial and Scientific-Technological Cooperation.
Source: vov.vn
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