The agreement was signed in Burabay, Kazakhstan on May 29, 2015 after two years of negotiations, opening a new chapter in economic cooperation between Vietnam and the union as well as each of its member countries.
The EAEU includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.
Under the agreement, tariffs on almost all goods exchanged between Vietnam and the union will be eliminated.
The agreement also gives parties the right to use special protective, antidumping and countervailing measures in accordance with the WTO rules.
This is the first free trade agreement between the EAEU and another country.
The Kazakh Economy Ministry expected the trade pact to boost the country’s food exports, including flour, grain, alcohol, dairy products and beef, to Vietnam.
According to Kazakhstan’s Deputy National Economy Minister Timur Zhaksylykov, trade value between Kazakhstan and Vietnam reached US$205 million in 2015.
