Vietnam-Eurasian Economic Union Free Trade Agreement

In 2011, then-Russian Prime Minister Vladimir Putin announced his support for The idea of Nursultan Nazarbayev to create a Eurasian Economic Union [32] [33] On 18 November 2011, the presidents of Belarus, Kazakhstan and Russia signed an agreement setting the goal of creating the Eurasian Economic Union by 2015. [30] Member States have set up a common commission to promote closer economic relations. [28] [34] Neighbouring Kazakhstan has emulated Russia`s attempt to gain access to East Asian markets. In September 2013, the presidents of China and Kazakhstan signed trade agreements and launched the “New Silk Road.” On May 20, 2014, the two presidents announced that they would connect the Kazakh railways to the Pacific Ocean by opening a new terminal in the port city of Lianyungang in China. China has also signed agreements to continue investment in the energy sector in Kazakhstan. The two countries announced $1 billion for the modernization of an oil refinery in Shymkent and an additional $150 million for the opening of a new oil and gas plant near Almaty. The President of Kazakhstan also met with the leaders of Chinese companies and agreed to cooperate in the aerospace production, telecommunications and mining sectors. [Journal 10] The Eurasian Commission can make decisions not only on the EU`s customs policy, but also on the macro-economy, competition rules, energy policy and fiscal policy of the Eurasian Economic Union. He has strict anti-corruption laws. [105] Member States remain optimistic for the UNION and the main partners in the region, namely China, Iran and Turkey, which continue to be interested.

A common belief is that the Eurasian Economic Union has considerable potential over the next two decades, with experts predicting a 25% growth in Member States` GDP by 2030, or more than $600 billion. [148] The agreement will give citizens of Member States access to employment and education throughout the UNION. It will also include collaborative policies in many sectors, including agriculture, energy, technology and transportation. [10] These collaborative policies are of particular interest to Asian countries seeking access to energy, trade routes in Central Asia and Siberia, and agricultural products. In August 2013, Ukraine applied to participate in the Eurasian Economic Union as an observer. [94] Viktor Yanukovych`s decision to abandon an association agreement with the European Union and pursue exclusively integration into the EAEU was a key factor in the Euromaïdan protests, which ended his term as President of Ukraine and led to the crisis in Crimea. The country`s accession to the EAEU has been seen by some analysts as the key to the union`s success, given that Ukraine has the second largest economy in one of the 15 former republics of the Soviet Union. In the face of high tensions between Russia and Ukraine following the crisis, Ukraine has decided to continue its integration into the EU. [95] Russian-Vietnamese trade and investment has increased significantly since the ENTRY into force of the EAEU Free Trade Agreement, with other ASEAN members, Cambodia, Indonesia and Thailand participating in free trade negotiations with the Eurasian Economic Union, while Singapore approved an agreement earlier this year.