You can trade with Vietnam now

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Parliament of Kazakhstan approved the ratification of the Free Trade Agreement between Vietnam and the EAEU

At the plenary session of the Senate was adopted a law "On ratification of the Free Trade Agreement between the Eurasian Economic Union and its Member States, on the one hand, and the Socialist Republic of Vietnam, on the other hand".

The document was introduced by the Vice-Minister of National Economy Murat Kusainov at today's plenary session at the Senate. He noted that on May 29, 2015 in Burabai was signed the first agreement on preferential trade, the parties of which were countries of the Eurasian Economic Union and a third country - in this case it is the Socialist Republic of Vietnam.

"The free trade agreement with Vietnam covers such areas of trade and economic cooperation as trade protection measures, sanitary and phytosanitary measures, technical barriers to trade, intellectual property rights, competition, rules of origin, customs cooperation, sustainable development, e-commerce, etc.", - said the vice minister.

In addition, under the Agreement some of "the sensitive products were withdrawn from the free trade regime, and in respect of these goods will be applied duties in accordance with the import tariff of the parties". At the same time in order to protect the domestic market, the Agreement provides the right of application of special protective, antidumping and countervailing measures in accordance with WTO rules.

In the event of the threat to EAEU market due to the implementation of the Agreement during the transition period an additional protection can be used "bilateral safeguard measures", and a trigger defense mechanism in the form of customs duty at the level of the Common Customs Tariff of EAEU. According to M. Kusainov, it "will allow to protect goods and furniture, which are sensitive for EAEU, from surpass of the threshold of annual volume of imports from Vietnam".

The Vice-Minister stressed that the agreement "does not provide for the abolition of export duties, they will be charged at the rate of MFN, which are used when exporting to other third countries".

"Export duties for products, which are not made in our country, like coffee, tea, and so will be at the level of the EAEU", - said Deputy Minister in an interview to palata.kz.

"We mainly plan to export grain, flour, meat, ferrous metals, the market is open", - said M. Kusainov.

Kazakhstan can also export alcoholic beverages. "As I said, a preliminary agreement was signed, perhaps it can be alcoholic products on the Vietnamese market. There is a transition period - 5-10 years, after which we can already export ", - summed up Marat Kusainov.

Zhanar Serdalina