Belarusian President Alexander Lukashenko recently signed to ratify the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Viet Nam.

Belarusian First Deputy Minister of Foreign Affairs Aleksandr Mikhnevich noted the trade pact would boost bilateral cooperation with Viet Nam, helping Belarus’ products make inroads into Viet Nam, a gateway to the Southeast Asian market.

Belarusian President Alexander Lukashenko (Photo: Xinhua/VNA)

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Viet Nam in May 2015. This was the first FTA signed between the EAEU and an external partner.

Previously, Russia and Kazakhstan ratified the trade pact, which will lift most tariffs on goods traded among participants.

The deal is expected to increase trade revenue between Viet Nam and the EAEU to 10 billion USD in 2020 from the current yearly average of 4 billion USD.

(Source: VNA)