(VOVworld) - The Russian Senate ratified the Free Trade Agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU) on Wednesday.

​The FTA between Vietnam and the Eurasian Economic Union (EAEU) was signed in May 2015. (Photo: VNA)

The State Duma of Russia had earlier ratified the deal, the first of the union which comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. It now only requires the signature of Russian President Vladimir Putin to officially take effect. Under the agreement signed last May, Vietnam and the EAEU will eliminate tariffs on goods originating in the other party, said Konstantin Kosachev, Chairman of the Senate Committee on Foreign Affairs. The agreement get regulations on hygiene and phytosanitary measures, technical standards, customs management, and protective measures. Kosachev highlighted the importance of the agreement as an international recognition of the EAEU.

 Viktor Khristenko, Chairman of the Board of the Eurasian Economic Commission, said tariffs will be abolished on about 88% of goods traded between Vietnam and the Union’s members. Vietnam-EAEU trade is estimated to be around 4 billion USD. It is hoped the agreement will boost this to 10 billion USD by 2020.