Tuesday, December 19 2017

VietNamNews

PM starts Customs Union FTA talks

Update: March, 29/2013 - 10:44
Two-way trade between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan stood at US$2.7 billion in 2012.—VNA/VNS Photo
HA NOI (VNS)— Prime Minister Nguyen Tan Dung and Chairman of the Eurasian Economic Commission's Board Viktor Borisovich Khristenko officially launched negotiations for a free trade agreement (FTA) between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan yesterday during the latter's working visit to Viet Nam.

The leaders agreed that the agreement would open up opportunities for co-operation in economy, trade and investment between the two sides.

Prime Minister Nguyen Tan Dung meets Chairman of the Eurasian Economic Commission's Board Viktor Borisovich Khristenko.—VNA/VNS Photo

Later the same day, the two chief negotiators, Vietnamese Minister of Industry and Trade Vu Huy Hoang and Trade Minister of the Eurasian Economic Commission Andrey Slepnev, signed a joint notice on the first working session between the two sides. During this session, they will discuss the scope of the agreement and the structure and methods of negotiations.

The two sides agreed that the agreement will be in line with the regulations of the World Trade Organisation (WTO), while taking due consideration of each nation's sensitive areas and the development gap between them.

Two-way trade between Viet Nam and the Customs Union of Russia, Belarus and Kazakhstan stood at US$2.7 billion in 2012.

The FTA is expected to help the two sides raise bilateral trade turnover to US$10 billion by 2020 – a goal set by their leaders. The agreement will also contribute to boosting the political, economic, trade and investment relations between the four countries.

Oil and gas ties

Prime Minister Nguyen Tan Dung receives General director of the Russian oil and gas corporation Zarubezhneft Kudriashov Sergei Ivanovich in Ha Noi.—VNA/VNS Photo

The same day, Prime Minister Dung strongly suggested Viet Nam and Russia expand co-operation in the oil and gas sector, particularly in oil and gas investment projects in Russia and processing.

At a reception for Kudriashov Sergei Ivanovich, general director of the Russian oil and gas corporation Zarubezhneft, the PM affirmed that Viet Nam would create all possible conditions for co-operation between the Vietnam National Oil and Gas Group and Zarubezhneft.

He said the co-operation between the two corporations had so far made many positive contributions to both nations' development.

For his part, Ivanovich said the co-operation between the two corporations could be taken as a model for friendship and co-operation between the two countries.

The two sides have made joint efforts to carry out joint oil exploration ventures in Russia despite severe weather conditions, he said, projects that would lay a firm foundation for future energy co-operation. — VNS







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