Products set to enjoy the tariff cuts include materials for production and processing such as footwear, garment-textile, seafood, electronic spare parts and products, agricultural products and steel.
The tax cuts will be implemented in three phases from now to the end of 2018. By the end of 2017, import taxes on 4,959 types of goods will have reduced to zero. In 2018, 144 more tariff lines will be eliminated, increasing the number of zero-tax lines to 5,103.
The EAEU, which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, signed the FTA with Vietnam in May 2015 after eigh official rounds of negotiations, representing the first FTA signed between the EAEU and an external partner.
With the formation of the EAEU - Vietnam free trade area, bilateral trade can increase from 4 billion USD at present to 8-10 billion USD. EAEU exporters can save about 40 million USD in tax in the first year the pact takes effect, according to the Eurasian Economic Commission.
