Viet Nam – Eurasian Economic Union (EAEU) Free Trade Agreement

Viet Nam – Eurasian Economic Union (EAEU) Free Trade Agreement 29/07/2015 02:39:00 882

Font-size:A- A+
Contrast:Increase Decrease

This Agreement was launched to negotiate in March 2013 (initialy between Viet Nam and Russia Federation, Belarus and Kazakhstan). On December 15, 2014, two Parties signed the statement to substaintialy end the negotiation progress with the presence of the Prime Minister of Viet Nam Nguyen Tan Dung. The Agreement was then formally signed on 29 May, 2015 between Viet Nam, as a Party, and 5 member state countries of Eurasian Economic Union (including: Armenia, Belarus, Kazakhstan, Kyrgystan and Rusisa), as the other Party. It tentitatively entrys into force in 2016.

Viet Nam has committed to open the market for about 90% of total tariff lines within 10-year tariff reduction schedule. Tariff elimination for products in the priority list of EAEU at the entry into force (EIF) including agricultural commodities (such as beef, dairy products, wheat flour); after 3-5 years since EIF including processed meat and fish, electrical machinery, machinery used in agricultural; after 5 years since EIF including pork, chicken;  after 10 years since EIF including alcohol beverages and cars. For some special products, tariff elimination will be not earlier than 2027 for petrolium, and not longer than 10 years for iron and steel.

EAEU also shall eliminate the tariff rate for approximately 90% of all tariff lines, particularly, immediately eliminate 59% of total tariff lines. Groups of product will be eliminated the import tariff rate are agricultural-forestry-fishery products of Viet Nam (majority of fishery items, some certain kinds of fresh and processed vegetable and fruits, processed meat and fish, cereals, rice (with the tariff quota is 10,000 tons)); and some industrial goods that Viet Nam has advantage in export (such as: textile (in quota) and raw textile materials, footwear (especially athletic shoes), machinery, electronic components, some pharmaceutical products, iron and steel, rubber products, and wood and furniture,…

 

Other News