Necessary preparations by domestic businesses for the free tradeagreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU)was the focus of discussions among experts at a workshop held in Ho ChiMinh City.

At the event, co-organised on July 2by the municipal Department of Industry and Trade, the Centre of theWorld Trade Organisation (WTO) and the Ho Chi Minh City EnterprisesAssociation, they highlighted the huge potential for domestic businessesfrom access to the 175 million-people market with a GDP of nearly 2.5trillion USD.

Nguyen Khanh Ngoc from theMinistry of Industry and Trade attached significance to the accuracy ofcertificates of origin for products, saying that errors take away anyincentives from the agreement for the sector.

Domestic firms should enhance their understanding of the FTA to overcomedifficulties, raise product competitiveness and improve product qualityto meet the strict requirements of these markets.

Participants pointed to the impact of the FTA on a number of domesticsectors, saying that FTA commitments will include cutting 82 percent oftax lines on the garment-textile sector and 72 percent for the rubbersector.

The free trade agreement between Vietnamand the Eurasia Economic Union (EAEU) (grouping Russia, Belarus,Kazakhstan, Armenia and Kyrgyzstan) was signed on May 29 after more thantwo years of negotiations, opening up a new chapter in the partnershipbetween Vietnam and the union as well as each EAEU member nation inparticular.

The agreement is expected to beeffective from early next year, after all signatories complete theirdomestic procedures.-VNA