The House of Representatives of Belarus and Kyrgyzstan’s national assembly ratified the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam on May 25.

According to Russian news agency TASS, Belarusian First Deputy Minister of Foreign Affairs Aleksandr Mikhnevich said the trade pact would boost bilateral cooperation with Vietnam, helping Belarus’ products make inroads into Vietnam, which is a gateway to the Southeast Asian market.

The Kazakhstan Government said the agreement would facilitate local goods entering the Vietnamese market.

The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam 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 its participants.

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

VNA