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EAEU-Vietnam FTA to take effect in Oct

A free-trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam will take effect on October 5, Veronika Nikishina, minister for trade at the Eurasian Economic Commission Board, has said.

She made the confirmation at the second Eastern Economic Forum held in Vladivostok, noting that the two sides had finished the ratification of the deal and it will come into force after 60 days. 
The EAEU-Vietnam FTA features the two sides’ obligations pertaining to such spheres as trade, services, investment and movement of natural persons. 
With the formation of the EAEU-Vietnam free-trade area, bilateral trade could increase from US$4 billion at present to between $8 billion and $10 billion annually. EAEU exporters could save about $40 million in tax in the first year the pact takes effect, according to the Eurasian Economic Commission. 
Under the agreement, Vietnam will immediately remove tariffs on 59 per cent of the goods it imports from the EAEU, including meat products, wheat flour, alcohol, mechanical equipment and steel products. The tariffs on another 30 per cent of goods will be gradually reduced to zero in the transitional period. 
Indonesia and Singapore have suggested similar FTAs with the EAEU, but procedures will be more complicated, Nikishina said. 
The EAEU consists of Russia, Belarus, Kazakhstan, Armenia |and Kyrgyzstan. The union and Vietnam signed the agreement in Kazakhstan on May 29, 2015, after eight official rounds of negotiations. |– Viet Nam News
Vietnam Fair 
held in Japan
Twenty-two Vietnamese businesses were selling various kinds of products at a fair opened in Saitama prefecture, Japan, on Friday.
On sale were Vietnamese key staples such as farm produce, processed food, beverages, apparels, footwear, electronic tools and household commodities.
The Vietnam Fair, held by the Vietnamese Industry and Trade Ministry, the Vietnamese Embassy in Japan, and the Japanese retail group AEON, aimed to enable Vietnamese firms to make inroads in the market and expand relations with Japanese trade partners. Vietnamese Ambassador to Japan Nguyen Quoc Cuong said the fair was first held at supermarkets of AEON, which was expected to bring more goods from Vietnam to Japan and vice versa.
Nguyen Trung Dung, Vietnam’s trade counsellor to Japan, described the fair as a shortcut to promote trade in that country.
Oyama Nagahisa, chief representative of AEON Group in Vietnam, said he believed the Southeast Asian country would become an attractive market in the future with its young population and high purchasing demand. AEON will support Vietnamese enterprises to develop marketing strategies, he said.
Le An Hai, deputy director of the Asia-Pacific Market Department under the Vietnamese Industry and Trade Ministry, said AEON was a leading Japanese retail group with annual revenues of up to tens of billions of US dollars and a network spreading around the world. The Vietnam Fair, therefore, created a brilliant opportunity for Vietnamese businesses to penetrate into the market.
The event ran until Sunday, with expected participation of around 30,000 visitors. – Viet Nam News

Published : September 05, 2016