The free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU), which comprises Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, has made important contributions to two-way trade between Vietnam and members of the union, representatives from the two sides said at a recent meeting.

Co-chairing the 5th session of the joint committee on the implementation of the EAEU-Vietnam FTA, Vietnamese Ministry of Industry and Trade Nguyen Hong Dien and Minister in charge of Trade of the Eurasian Economic Commission (EEC) Andrey Slepnev also agreed that both sides will continue creating favourable conditions for their goods to access the other side’s market, and eliminating trade barriers, especially administrative procedures, to increase two-way trade.

They will also increase information exchange, particularly those about import and export policies to help businesses implement their production and business strategies more effectively.

Businesses of both sides will be supported to further participate in trade promotion activities to find partners and optimise their capabilities, advantages, dynamism and creativity.

According to data from the EAEU, trade between Vietnam and the EAEU increased sharply from 5.9 billion USD in 2017 to 7.8 billion USD in 2021.

Due to the impacts of many unfavourable factors and the world’s economic difficulties, the Vietnam-EAEU trade decreased sharply in 2022 but has seen signs of recovery in 2023.

In the first nine months of this year, the bilateral trade reached about 3.2 billion USD, 1% higher than the figure in the same period in 2022. Specifically, in the period, Vietnam’s exports to the EAEU hit about 1.8 billion USD while Vietnam’s imports from the EAEU reached about 1.4 billion USD.

According to the Ministry of Industry and Trade, businesses from both sides have learned more carefully and better taken advantage of opportunities and benefits brought by the EAEU-Vietnam FTA.

Regarding investment cooperation, both sides attached great importance to strengthening investment cooperation between member countries of the EAEU.

Speaking at the meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that in the current context, consolidating and strengthening multilateral and bilateral economic cooperation to prevent disruption of supply chains and boost socio-economic development in each country is an inevitable and objective requirement.

However, some terms and regulations in the EAEU-Vietnam FTA are no longer appropriate, Dien said, calling for solutions to enhance the agreement’s effectiveness and promote economic and trade cooperation between Vietnam and the EAEU.

Dien suggested some specific measures, for example, a feasibility study on the possibility of amending and upgrading the agreement.

He called on the two sides to continue opening the market, removing trade barriers, and making efforts to remove difficulties related to payment, transport and travel of people, especially entrepreneurs.

It is recommended that the EAEU continue to consider visa exemptions for Vietnamese citizens at the same level as Vietnam is granting to member countries of the EAEU.

The Vietnamese minister also proposed the two sides find new directions and cooperation projects in fields, including green transformation, energy transition, climate change, circular economy, science and technology, and innovation.

VNA