(VOVworld) – Belarusian President Alexander Lukashenko has approved a draft free trade agreement between the Eurasia Economic Union (EAES) and Vietnam, signing the corresponding decree on Monday.

The Vietnam-EAES free trade agreement will open the door for Vietnamese exports to EAES markets.

The EAES agreement was signed by the Presidents of Russia, Kazakhstan, and Belarus on May 29, 2014, and took effect on January 1, 2015. Under the agreement, goods, services, capital and workforces will freely move among member countries. Besides uniting member countries under joint economic policies, the agreement also aims to improve their individual competitiveness. The agreement is scheduled to be signed in Kazakhstan this Friday. This will be the first time that the EAES has signed a FTA with a country outside the group.