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EEU to switch to free trade with Vietnam from October

by September 3, 2016 General

EEU will switch to free trade with Vietnam from October. The Minister of Trade of the Eurasian Economic Commission (EEC) Veronika Nikishina said at the second East Economic Forum, Interfax reported.

According to her, the first free trade agreement in the framework of the Union has been signed with Vietnam and will come into force in October. EEU countries have completed all the necessary ratification procedures, and implementation of the agreement will start after 60-day period.

“It is planned to apply this practice to Indonesia and Singapore. We have already received requests for negotiations on establishing a free trade zone from them. But we have quite a complicated bureaucratic decision-making procedures at the beginning of the negotiations, so we should get the mandates of five presidents,” Veronika Nikishina said.

 Kyrgyzstan is a member of EEU since August 12, 2015.