The signatories were Deputy Minister of Industry and Trade Le Danh Vinh, Chairman of the Vietnamese Sub-committee of the Vietnam-Ukraine Inter-governmental Committee, and Ukrainian Ambassador to Vietnam Pavlo Sultansky.

Under the agreement, Vietnam and Ukraine recognise each other’s full market economy status. Ukraine pledges to cut import tariffs on a number of Vietnamese products, including many of its major hard currency earners.

Ukraine is also committed to implementing WTO agreements, including the General Agreement on Trade in Services (GATS) and the Agreement on Technical Barriers to Trade (TBT) from the moment it joins the WTO.