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Eurasian Economic Union to Sign Vietnam Free Trade Deal

In early 2015. Expected to boost trade from $4 bn to $10bn over several years

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MOSCOW, December 15 (TASS) - The Customs Union (Russia, Belarus and Kazakhstan) and Vietnam have finalized discussions on major provisions of a free trade agreement, the ress service of the Eurasian Economic Commission reported on Monday.

The Treaty on the establishment of the Eurasian Economic Union comes into effect on January 1. Infographics by TASS

Heads of the delegations signed a statement on the discussions following the eighth round of talks.

“Today we have finalized discussing all provisions of the future agreement,” Minister of Trade at the Eurasian Economic Commission Andrey Slepnev said.

“We believe we manage to have a fair balance of preferences for both sides and to have all necessary instruments to minimize risks for the Union’s businesses.”

The Eurasian Economic Commission refused to reveal details of the agreement.

The minister added the countries would be settling outstanding issues during consultations.

Besides, experts and lawyers from both sides will finalize technical aspects of the agreement’s text “so that the agreement on free trade area between the Eurasian Economic Commission and Vietnam could be signed in early 2015,” he said.

The free trade area between the Eurasian Economic Commission and Vietnam may raise the current trade flow of $4 billion to $10 billion within several coming years after the agreement is signed.

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