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VN, Eurasian Economic Union expected to sign FTA this month

13-May-2015 Intellasia | TBKTSG | 6:00 AM

Vietnam and the Eurasian Economic Union are expected to sign a free trade agreement (FTA) at the end of May, heard a meeting between Vietnamese State President Truong Tan Sang and Russian President Vladimir Putin in Moscow on Saturday.

The FTA will help Vietnam and Russia realise their goal of boosting two-way trade to $10 billion by 2020. The Eurasian Economic Union comprises of Belarus, Kazakhstan and Russia.

During their talks, the two leaders agreed on measures to further strengthen the comprehensive strategic partnership between the two nations in a new stage, including further fostering the exchange of delegations to create stronger momentum for the development of bilateral ties.

As reported by chinhphu.vn, President Sang thanked the host for his invitation to attend the 70th anniversary of Victory Day in the Great Patriotic War, which he said motivated and laid the groundwork for successful struggles for independence across Asia, Africa and Latin America.

Both sides expressed their satisfaction with all-level visits to enhance mutual political trust between the two nations and agreed to maintain the current mechanism.

Regarding oil and gas companies and joint-ventures working in Vietnam’s continental shelf and in Russia, the leaders pledged all possible support for them as well as for new investors in petrochemicals and refineries.

The two sides affirmed to continue comprehensive cooperation in investment, finance and mineral exploitation. They also agreed to deepen defense and security cooperation, including personnel and technical training.

They called for intensified engagements in strengths, including considering opening an aquaculture, seafood and processing joint-venture in Primorye region and a light industry zone in Moscow.

President Sang also thanked President Putin and Russian authorities for their support to Vietnamese nationals living and working in Russia.

Meeting Egyptian President Abdel Fattah Al-Sisi the same day, President Sang spoke of the need to boost economic-trade-investment coordination by facilitating business visits and establishing a business council.

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Source: Intellasia