Armenian parliament ratifies agreement on free trade zone between EEU and Vietnam
17.06.2016,
15:54
Armenia’s parliament has ratified today an agreement on creation of free trade zone between Vietnam and the Eurasian Economic Union, comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
YEREVAN, June 17. /ARKA/. Armenia’s parliament has ratified today an agreement on creation of free trade zone between Vietnam and the Eurasian Economic Union, comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The agreement was signed on May 29, 2015. The agreement will enter into force 60 days after it is ratified by all members of the EEU and Vietnam.
Armenia’s First Deputy Minister of Economy Garegin Melkonyan said under the agreement customs duties on about 90% of the traded goods will be nullified within the next 10 years, which is expected to more than double the trade between Vietnam and EEU member countries to $10.8 billion, and also to prepare ground for EEU’s further integration with the Asia-Pacific region.
In Melkonyan’s words, Armenia-Vietnam trade in 2015 amounted approximately to $15 million, with Armenian exports estimated to be ‘a couple of thousand USD.’ Armenia imports comprise mobile phones, computer and other electronic equipment, coffee, and clothes. There are no joint investment projects, and no joint ventures, he added.
According to Melkonyan, the elimination of customs duties would increase exports of EEU-made poultry meat and sausages, cheese and butter, wheat flour, fertilizers, oil and oil products, asbestos, steel pipes, drilling platforms, tires, printed books, cars and cardboard to Vietnam.
The latter in turn will increase exports of fish, rice, fruits, vegetables and nuts, also jackets, track suits, trousers, skirts, sports shoes, printers, sewing machines, telephones and smart phones, leather products and various household appliances. -0-
The agreement was signed on May 29, 2015. The agreement will enter into force 60 days after it is ratified by all members of the EEU and Vietnam.
Armenia’s First Deputy Minister of Economy Garegin Melkonyan said under the agreement customs duties on about 90% of the traded goods will be nullified within the next 10 years, which is expected to more than double the trade between Vietnam and EEU member countries to $10.8 billion, and also to prepare ground for EEU’s further integration with the Asia-Pacific region.
In Melkonyan’s words, Armenia-Vietnam trade in 2015 amounted approximately to $15 million, with Armenian exports estimated to be ‘a couple of thousand USD.’ Armenia imports comprise mobile phones, computer and other electronic equipment, coffee, and clothes. There are no joint investment projects, and no joint ventures, he added.
According to Melkonyan, the elimination of customs duties would increase exports of EEU-made poultry meat and sausages, cheese and butter, wheat flour, fertilizers, oil and oil products, asbestos, steel pipes, drilling platforms, tires, printed books, cars and cardboard to Vietnam.
The latter in turn will increase exports of fish, rice, fruits, vegetables and nuts, also jackets, track suits, trousers, skirts, sports shoes, printers, sewing machines, telephones and smart phones, leather products and various household appliances. -0-
