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Final negotiation for FTA concluded between Vietnam and Custom Union

YarnsandFibers News Bureau 2014-12-16 17:00:00 – Hanoi

The final negotiation accord towards a Free Trade Agreement (FTA) was signed between Vietnam and the Custom Union of Russia, Belarus and Kazakhstan on Monday announcing the conclusion of the negotiation . Vietnam Prime Minister, Nguyen Tan Dung witnessed the signing of joint declaration.

The custom Union will give Vietnam preferential tariffs and create favorable conditions to introduce into their markets agricultural, aquatic, wood, footwear, garment and textiles of the Indochinese country.

Meanwhile Hanoi will open its doors for the access of industrial articles like machinery and transportation vehicles of the bloc, provided that they are not in competition with national productions and contribute to diversify commercial offers.

The southern province of Kieng Giang host this negotiation and the eighth and last round of an agreement process that started on March, 2013 and included different technical level meetings.

Official sources noted that the document covers the main aspects regarding commercial exchange, rules of origin, commercial safeguards, investment , intellectual property, food hygiene, health measures, animals hygiene, custom facilities and competence.

Both parties mainly agreed on the content of a future commercial agreement with balance of interests, high level of commitment and mutual specific conditions.

The two sides would be finalizing the remaining technical matters and other pending procedures for the signing of FTA agreement in early 2015.

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