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EAEU to explore possibility of boosting export within FTA with Vietnam
The Eurasian Economic Commission’s Council has considered a report on implementing the Free Trade Agreement (FTA) with Vietnam. It was stated that from 2016 to 2020 exports from the Eurasian Economic Union to this country increased by 9.9% and imports increased by 64.1%.
The largest volume of deliveries among the products imported into the EAEU accounted for cell phones as well as radio and television equipment which is due to local manufacturing content of leading world brands in Vietnam. Among the goods covered by preferential arrangements, imports of shoes, jackets, vacuum cleaners, headphones and lead batteries have increased noteworthily.
In turn, suppliers of wheat, corn, pork, coke, trucks, baby food as well as some types of food and petroleum products took advantage of the free trade regime in the EAEU. However, the top spots among the goods supplied to Vietnam were held by coal and metal products not included in the list of arrangements on reducing customs duties.
“Following the consideration, the EEC Council noted the need to intensify interaction with Vietnam within the FTA. The Governments of the Union States will explore the possibility of increasing exports for commodity items for which import customs duties have been reduced or zeroed since enacting the Agreement," the Commission's Trade Unit reported.
