CU and Vietnam concluded negotiations to prepare an agreement on free trade zone

Almaty.  December 15. Silkroadnews - Customs Union (CU) and Vietnam completed the negotiation process for the preparation of a draft agreement on a free trade area (FTA), according to TASS.
"Parties were able to agree the key provisions of the draft agreement on an FTA. Revised technical issues document will be ready for signing at the beginning of 2015 ", - noted in the trade mission.
It is expected that an agreement on free trade zone, which implies "zeroing" of import tariffs, will give a powerful impetus to the growth of trade and economic relations between Vietnam and the Customs Union. According to experts of the Eurasian Economic Commission, they were studying the issue, the trade turnover between Vietnam and the CU can reach by 2020 $10-12 billion a year, which is 4 times higher than the current level.
In turn, the experts of Industry and Trade of Vietnam believe that the volume of Vietnamese exports to the CU as a result of the formation of free trade area could increase by 3-4 times for the past 5 years. In addition, Vietnam will have access to imports on favorable terms strategically necessary for the needs of their national economy, commodities such as fertilizers, liquefied natural gas, heavy industry and special-purpose vehicles.