First Deputy Prime Minister of Russia Igor Shuvalov speaks during a panel "The Russian Outlook" at the World Economic Forum in Davos, Switzerland, Friday, Jan. 23, 2015. (Photo: Michel Euler/AP)
A free trade agreement (FTA
) between the Eurasian Economic Union (EAEU) and Vietnam will likely take effect before the end of summer, Interfax cited First Deputy Russian Prime Minister Igor Shuvalov as saying on June 1.
“We’re currently at the stage of completing the ratification procedures, and we hope this agreement will come into effect before the end of summer,” Shuvalov said at a briefing following a meeting of the Supreme Eurasian Economic Council in Astana.
EAEU presidents, at a meeting on May 31, approved documents that would develop the free trade agreement with Vietnam, he added.
In an interview with Russia Beyond The Headlines, Russian Ambassador to Vietnam Konstantin Vnukov the EAEU-Vietnam FTA is expected to come into force before other preferential trade agreements important for Vietnam, primarily with the European Union and the Trans-Pacific Partnership (TPP).
Trade between Vietnam and Russia is targeted to reach $10 billion in 2020, a jump from $2.2 billion in 2015.