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Vietnam-Eurasian Economic Union FTA results praised

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Hanoi, Nov 14 (Prensa Latina) The comprehensive contributions of the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union to export and import operations was praised here today by senior authorities from both sides.

The trade exchange between Vietnam and that grouping, which comprises Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, increased from $5.9 billion in 2017 to $7.8 billion in 2021, was informed by the fifth session of the Joint Committee on the implementation of the referred agreement. In 2022, due to the negative impacts of various factors and difficulties in the global economy, the figure decreased, but signs of recovery are already seen in 2023, as in the first nine months of the year bilateral trade was about $3.2 billion.

Speaking at today’s meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien pointed out the need to consolidate and strengthen multilateral and bilateral economic cooperation to avoid disruption of supply chains and the boosting of the socio-economic development of each country.

He warned, however, that some terms and regulations of the current FTA are no longer appropriate, and called for solutions to improve its effectiveness and promote economic and trade cooperation.

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