Special Customs Alert
Free Trade Zone Treaty between the Eurasian Economic Union and Vietnam
On 29 May 2015, at the second session of the Eurasian Government-Level Council, member countries of the Eurasian Economic Union (“EEU”) and the Vietnam Government signed a Free Trade Zone Treaty (the “Treaty”) to ensure free trade for more than 90% of items regulated by the Eurasian Economic Commission.
The Treaty covers not only a preferential trade regime, but also the management of rights to intellectual property and a range of other areas.
“The Treaty is the first for the EEU and opens an area of activity not only with Vietnam, but also with the ASEAN region, which is home to more than 600 million people. The Treaty will help EEU businesses enter new markets and work together with countries in the region,” Chairman of the Eurasian Economic Commission Board, Viktor Khristenko said.
The Treaty will enter into force 60 days after it is ratified in accordance with national legislation of the EEU member countries and Vietnam.
The full text of the Treaty can be found on the official EEU legal portal http://docs.eaeunion.org/ru-ru/.
If you require advice on the above issue, please do not hesitate to contact us — the Deloitte Tax & Legal Department at +7 (727) 258 13 40 (Almaty).
This alert was prepared by Deloitte professionals for informational purposes only, and the application of its contents to specific situations will depend on the particular circumstances involved.