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Eurasian Economic Commission rules in favor of free-trade zone between Customs Union and Vietnam

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Sep. 11, 2012 08:36
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Russian President Vladimir Putin (R) shakes hands with Vietnamese President Truong Tan Sang in Moscow on July 27, 1012 during their meeting.
Photo by AFP

MOSCOW - The Eurasian Economic Commission (EEC) has stated the expediency of a free-trade zone between the Customs Union and Vietnam.

"The conclusions presented by a joint research group show that the potential of trade and economic relations between the Customs Union and Vietnam will receive a significant boost if a free-trade zone is set up. It will take the long-standing fruitful and mutually profitable cooperation to a new level," the EEC said in a statement.

Now that the joint group ended its work, the sides may proceed to negotiating a free-trade agreement. Talks will are expected to begin in the first quarter of 2013 after the heads of state complete necessary formalities and issue the necessary negotiating mandates.

The EEC and Vietnam underscored the importance of such an agreement in line with the practices and norms of the World Trade Organization.

"Talks will be closely connected with the implementation of bilateral projects, work on which will begin parallel to the negotiating process," the EEC press service said.

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