(VOVworld) – The State Duma of Russia has ratified the free trade agreement between the Eurasian Economic Union, including Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan and Vietnam.

Viet Nam agreed to reduce or abolish tariffs for 87.7% of lines of goods imported from the union (Photo: vietq.vn)

Russian Deputy Minister of Economic Development, Alexei Likhachev, said Monday that the establishment of the free trade area will bolster bilateral trade and economic relations between the two sides, adding that it will facilitate the union’s access to economies in the Asia Pacific region. This is the first free trade deal of the union with a country. Russia and other members of the union promised to cut or eliminate tariffs for 87.4% of lines of goods imported from Vietnam, and Vietnam agreed to reduce or abolish tariffs for 87.7% of lines of goods imported from the union. The agreement also applied trade protection, anti-dumping, and compensation measures in line with regulations of the World Trade Organization.

Earlier on February 24^th, Kazakhstan President Nursultan Nazarbayev signed a in law approving the free trade agreement.