World Economy

EEU, Vietnam Sign FTZ Deal

EEU, Vietnam Sign FTZ DealEEU, Vietnam Sign FTZ Deal

Russian Prime Minister Dmitry Medvedev has signed a free trade zone agreement between the Eurasian Economic Union (EEU) and Vietnam, the cabinet announced Monday. “The implementation of the agreement will contribute to an increase in the mutual trade turnover and the development of trade and economic relations between its participants, as well as help solve the problem of getting the EEU involved in the integration processes in the Asia-Pacific region,” the statement said, reports Sputnik news service. Vietnam is the first country to sign a free trade agreement with the EEU, which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. In April, Vietnamese Prime Minister Nguyen Tan Dung said that Hanoi was planning to increase its trade turnover with Russia to $10 billion by 2020. The EEU, which came into force on January 1, 2015, aims to achieve the free flow of goods, services, capital and labor across its member states.