(VOVworld)- The upper chamber of the parliament of Kazakhstan ratified a free trade agreement with the Eurasian Economic Union (EAEU) and its member States and Vietnam on Thursday. The document signed on May 29, 2015, aims to create favorable conditions for mutual trade and investment. The agreement includes duty-free trade mechanisms between the EAEU member countries and Vietnam. This is the first FTA between EAEU and another country. The agreement is expected to create favorable conditions for trade and investment activities and pave the way for trade exchanges between the two sides since duties of 90% of the goods will be reduced and 60% of them will go down to zero percent. According to the Kazakhstan Ministry of Economics, the Agreement will help Kazakhstan increase its exports to Vietnam. Last year, two-way trade between Vietnam and Kazakhstan reached 25 million USD.