Russia, Belarus and Kazakhstan are entering into negotiations for a free trade agreement (FTA) with Vietnam, according to Viktor Khristenko, head of the Eurasian Economic Community (EAEC).
Khristenko made the announcement during a meeting with outgoing Prime Minister Vladimir Putin in Moscow on April 20, Vietnam News Agency reported.
The EAEC prioritises FTA negotiations with a number of countries, including Vietnam, Khristenko told Putin.
He explained that Vietnam, a dynamic economy in Southeast Asia, will serve as a gateway for the Customs Union of Russia, Belarus and Kazakhstan to reach out to the region.
He also added that the Customs Union aims to sign an FTA first with Ukraine, a major trade partner within the Commonwealth Independent States.
Once the Customs Union-Ukraine FTA is signed, two-way trade is likely to reach US$70 billion per annum, said Khristenko.
Russia, Belarus and Kazakhstan formed the Customs Union within the Eurasian Economic Community.