ArmInfo. The Russian government's legislative committee endorsed a free trade deal between the Eurasian Economic Union (EEU) and Vietnam, in a bid to streamline the flow of goods between the EEU and Asia Pacific, Russian media outlets report.
The document signed on May 29, 2015, aims to create favorable conditions for mutual trade and investment. The agreement includes duty-free trade regime between the countries of the EEU and Vietnam.
A separate batch of protocols stipulates commitments on bilateral trade in services, company management and travel that Russia and Vietnam have as member states of the World Trade Organization.
"The implementation of the agreement will help boost mutual flow of goods and strengthen trade and economic ties between its signatories, create conditions for EEU gaining a greater role in integration processes underway in the Asia-Pacific region," the Russian government said in a statement.
The draft law will now be scrutinized by the Russian government at a meeting. The deal needs to be ratified since it contains regulations that diverge from those enshrined in Russian laws.
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