Home » Business » Preparations for Vietnam-Customs Union FTA negotiations complete

Vietnam and tPreparations for Vietnam-Customs Union FTA negotiations completehe Customs Union of Russia, Kazakhstan and Belarus have completed the feasibility study of a free trade agreement, paving the way for formal negotiations to start.

A document to this effect was signed recently between Vietnamese Trade Minister Vu Huy Hoang and his Russian counterpart A.A. Slepnev.

The Vietnamese Ministry of Trade (MoIT) quoted the joint study group of parties concerned as saying there will be great potential for developing economic and trade ties between Vietnam and countries of the Customs Union once the FTA is signed.

Both sides stressed the need to establish a mechanism for durable and comprehensive cooperation in trade, economics and investment, and committed to expanding trade cooperation within the Asia-Pacific region.

They expressed their belief that the FTA will increase strategic cooperation between the parties concerned.

FTA negotiations are expected to begin in the first quarter of 2013 after parties concerned complete necessary procedures.

Both sides said they are aware that the FTA must conform to international norms, including regulations of the World Trade Organisation, and that negotiations will be conducted alongside the implementation of their projects.

(VOV)

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