Vietnam, Customs Union conclude FTA talks

HO CHI MINH CITY, Dec 15 (Xinhua): Vietnam and the Customs Union signed a joint declaration on Monday announcing the conclusion of the negotiation on their free trade agreement (FTA), according to state-run Vietnam News Agency (VNA).

The declaration was signed in Vietnam's southern Kien Giang province by Vietnam's Minister of Industry and Trade Vu Huy Hoang and Minister for Trade of the Eurasian Economic Commission Andrey Slepnev, in the witness of Vietnamese Prime Minister Nguyen Tan Dung, reported the news agency on Monday.

Formally established on Jan. 1, 2010, the Customs Union comprises Russia, Kazakhstan and Belarus.

The two sides kicked off their FTA talks on March 28, 2013. After eight rounds of negotiation and many technical discussions, they have initially agreed on contents of the agreement on a wide- ranging scope and high-level commitments while ensuring mutual benefit and taking into consideration each side's specific conditions.

The contents cover trade in goods, trade in services, investment, rules of origin, trade remedy, customs facilitation, technical barriers to trade, sanitary and phytosanitary measures as well as legal and institutional issues.

Under the agreement, the Customs Unions provides Vietnam with preferential tariffs in order to facilitate the export of the country's staples like farm produce, seafood, garments and textiles, footwear and wood furniture.