MOSCOW: Bilateral trade between Russia and Vietnam increased by 28 percent during the period January-July 2016 in comparison with the previous year, Vietnamese Trade Counselor Dong Huan Min said Wednesday. He added, that trade was likely to continue to increase, especially once the free trade agreement between Vietnam and the Russia-led Eurasian Economic Union (EEU) enters into force.
Vietnam became the first country to sign a free trade agreement with the EEU in May 2015, the deal will enter into force in October, 2016. The agreement stipulates that all parties must remove all major trade barriers in their markets to imports from other signatory states. The EEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movements of goods, services and people within the bloc.
