(VOVworld)- Vietnam and the Customs Union of Russia, Belarus and Kazakhstan signed a joint statement Monday announcing the conclusion of negotiations on their free trade agreement (FTA). Prime Minister Nguyen Tan Dung witnessed the signing of the statement in the southern province of Kien Giang by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Minister for Trade of the Eurasian Economic Commission Andrey Slepnev.

FTA talks began on March 28, 2013. After eight rounds of negotiation and several mid-term technical discussions, the two sides basically agreed on the main contents of the agreement’s wide scope and high-level commitments ensuring mutual benefit while taking into consideration each side’s specific conditions. Under the agreement, the Customs Unions will offer Vietnam preferential tariffs to encourage exports of Vietnamese farm produce, seafood, garments, textiles, footwear and wood furniture. Meanwhile, Vietnam agrees to open its market according to a set roadmap for several commodities from the union, including husbandry products, machines, equipment and vehicles. At a meeting with the Eurasian Economic Commission Andrey Slepnev in Kien Giang province the same day, Prime Minister Nguyen Tan Dung urged both sides to quickly  conclude matters and sign the agreement in early 2015.  Dung said the Agreement will enhance the traditional friendship and cooperation between Vietnam and Russia, Belarus and Kazakhstan. The Vietnamese Prime Minister expressed his belief that in addition to boosting political, economic and trade relations, the Agreement will also serve as a basis for Vietnam and the Customs Union to strengthen cooperation in education-training, science-technology and culture and expand markets for the agreement’s member economies. Prime Minister Nguyen Tan Dung said Vietnam treasures and wants to strengthen its relationship with Russia, Belarus and Kazakhstan.