(VOVworld) - Kazakhstan President Nursultan Nazarbayev signed into law the approval of a free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) on Wednesday.

Kazakhstan President Nursultan Nazarbayev (Photo: VNA)

The agreement was inked in Burabay, Kazakhstan, on May 29, 2015 to facilitate trade and investment between the two sides. It provides duty-free trade for most commodities from Vietnam and EAEU members – namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. It also applies protective, anti-dumping and countervailing measures in accordance with World Trade Organization (WTO) regulations. This is the first free trade pact the EAEU has signed with a country.

The Kazakh Ministry of Economy outlined the prospects of exporting a number of goods to Vietnam, such as flour, grain, alcohol, dairy products and beef. Deputy Minister Timur Jaksylykov said trade between Vietnam and Kazakhstan reached 205 million USD in 2015.