Eurasian Economic Union - Vietnam free trade deal takes effectOctober 5, 2016 - 17:14 AMT PanARMENIAN.Net - A free trade agreement between the Eurasian Economic Union (EEU) and Vietnam is taking effect on Wednesday, October 5. The deal opens the EEU's market of 181 million to Vietnam, RT reports. The EEU member states – Armenia, Russia, Belarus, Kazakhstan and Kyrgyzstan – get the opportunity to sell goods in Vietnam on a preferential basis. The free trade deal covers more than 90 percent of all goods traded between the EEU and Vietnam. It will enable the EEU exporters to save about $40-60 million in the first year. Vietnamese companies can expect savings of up to $5-$10 million a year. Under the deal, Hanoi expects to significantly boost its foreign trade. Trade with Russia is expected to double to some $10 billion by 2020. "Specific conditions will be created for Russia in order to increase the supply of its products to the Vietnamese market. It concerns not only high value products, but also agricultural produce, consumer goods to name a few," said the Russian Trade Mission in Vietnam. Russia’s main exports to Vietnam include nuclear reactors, mineral fuels, oil and distillation products and fertilizers. Electrical machinery, boilers and knitwear are imported from Vietnam. Top stories Six total incidents have burned 19 old-growth trees. Friday night 8 trees were torched along the beautiful main entrance. The EU does not intend to conduct military exercises with Armenia, Lead Spokesperson for EU Foreign Affairs and Security Policy Peter Stano says. Hikmet Hajiyev has said that there is no place for USAID operation in Azerbaijan any longer. A telephone conversation between Putin and Pashinyan before the CSTO summit is not planned, Peskov says. Partner news | Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. |