Kyrgyzstan ratifies Vietnam-EAEU free trade agreement

Kyrgyzstan President Almazbek Atambayev.

Kyrgyzstan President Almazbek Atambayev.

Flickr / Martin Schulz
The FTA will go live in the summer of 2016

Kyrgyzstan President Almazbek Atambayev has signed a law ratifying the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam, a representative of the presidential press service told Interfax on June 2.

“The ratified agreement will ensure a free trade regime for more than 90 percent of commodities,” the official said. “A zero-rate duty and liberalized access to markets will be achieved in two steps.”

The agreement prescribes protection of the domestic market and balance of payments, licensing, and subsidizing of industrial and agricultural commodities in accordance with World Trade Organization (WTO) regulations.

Kyrgyzstan joined the EAEU in August 2015. The FTA will enter into effect in the summer of 2016.

Read more: FTA bodes well for Vietnam-Eurasian Union economic ties- experts

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