Hanoi (VNA)💯 – The free trade agreement (FTA)between Vietnam and the Eurasian Economic Union (EAEU), which comprises Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, has made importantcontributions to two-way trade between Vietnam and members of the union,representatives from the two sides said at a recent meeting.

Co-chairing the 5th session of the joint committee on theimplementation of the EAEU-Vietnam FTA, Vietnamese Ministry of Industry and Trade NguyenHong Dien and Minister in charge of Trade of the Eurasian Economic Commission(EEC) Andrey Slepnev also agreed that both sides will continue creatingfavourable conditions for their goods to access the other side's market, and eliminating trade barriers, especially administrative procedures, to increasetwo-way trade. They will also increase information exchange, particularly thoseabout import and export policies to help businesses implement their productionand business strategies more effectively. Businesses of both sides will be supported to further participate in trade promotion activities to find partners and optimise their capabilities,advantages, dynamism and creativity. According to data from the EAEU, trade between Vietnam and theEAEU increased sharply from 5.9 billion USD in 2017 to 7.8 billion USD in 2021. Due to the impacts of many unfavourable factors and the world’seconomic difficulties, the Vietnam-EAEUtrade decreased sharply in 2022 but has seen signs of recovery in2023. In the first nine months of this year, the bilateral trade reached about3.2 billion USD, 1% higher than the figure in the same period in 2022. Specifically,in the period, Vietnam's exports to the EAEU hit about 1.8 billion USDwhile Vietnam's imports from the EAEU reached about 1.4 billion USD. According to the Ministry of Industry and Trade, businesses fromboth sides have learned more carefully and better taken advantage of opportunities and benefits brought by the EAEU-Vietnam FTA. Regarding investment cooperation, both sides attached greatimportance to strengthening investment cooperation between member countries ofthe EAEU. Speaking at the meeting, Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that inthe current context, consolidating and strengthening multilateral and bilateraleconomic cooperation to prevent disruption of supply chains and boostsocio-economic development in each country is an inevitable and objectiverequirement. However, some terms and regulations in the EAEU-Vietnam FTAare no longer appropriate, Dien said, calling for solutions to enhance theagreement's effectiveness and promote economic and trade cooperation betweenVietnam and the EAEU. Dien suggested some specific measures, for example, afeasibility study on the possibility of amending and upgrading the agreement. He called on the two sides to continue opening the market,removing trade barriers, and making efforts to remove difficulties related topayment, transport and travel of people, especially entrepreneurs. It is recommended that the EAEU continue to consider visaexemptions for Vietnamese citizens at the same level as Vietnam is granting tomember countries of the EAEU. The Vietnamese minister also proposed the two sides find newdirections and cooperation projects in fields, including green transformation, energy transition, climate change, circular economy, science and technology, and innovation./.