Vietnam was the first nation that entered into a free trade agreement with the EAEU. According to the tariff schedule, average Vietnamese duties on EAEU products will drop from 10 percent to one percent, while EAEU’s average will reduce from 9.7 percent to 2 percent by 2025.
The free trade agreement which covers more than 90 percent of all traded goods has greatly benefited EAEU’s exports of agricultural and industrial products, and Vietnamese exports of garments, textile products, farm products, and electrical devices.
In 2018, 5,535 tariff lines are going to be reduced to zero percent. Reductions will focus on items that are input materials for the textiles, footwear, electronics, plastic, fertilizers, and farming sector. Another 3,270 tariff lines will be reduced to zero percent for goods such as milk and dairy products, chemicals, automobiles and spare parts, steel products, rubber products, and electrical appliances in 2018.
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