Eurasian Economic Union (EAEU) is poised to sign off Free Trade Agreements with Egypt, Iran, India and Singapore. The EAEU, which includes Armenia, Belarus, Kazakhstan, Kygryzstan and Russia covers the bulk of the Eurasian land mass and is geographically placed between the European Union and China. The EAEU has a population of some 183 million and a GDP of some $5 Trillion. Intra-EAEU trade has been significantly increasing and rose 38 percent last year. Vietnam signed off a FTA two years ago, while China signed off a non-preferential FTA with the EAEU last year.
Announcing the EAEU Free Trade talks progress, Russia’s First Deputy Minister of Industry Sergey Tsyb said that WTO member states currently use over 7,500 non-tariff measures such as quotas, licenses, restrictions and embargos in respect of industrial goods. Israel will also be joining the EAEU in the near future, according to his comments.
It would be very productive if we actively move towards the conclusion of agreements on the free-trade zone. This would make it possible to promote exports within the framework of regional trade hubs, and will definitely help in this challenging and highly sensitive situation on global markets to provide the opportunity for promotion of Russian export initiatives. The EAEU also includes Moldova as an observer state, while Tajikistan, Uzbekistan, Mongolia, Turkmenistan, Turkey, Syria and Tunisia are also all reportedly planning to join the union. Other Asian nations, including Indonesia and Turkey are also negotiating FTA with the Union. Thailand upgraded its trade ties with the EAEU earlier this year.
Now EAEU and Singapore have signed a free trade zone agreement at the meeting of the Supreme Eurasian Economic Council. The free trade zone agreement was signed today at the meeting of the Supreme Council. This is the second country along with Vietnam, with which our Union will have an appropriate agreement, The deal will hopefully give impetus to closer ties between the EAEU and Singapore, and also serve as a pathfinder for an FTA between the EAEU and ASEAN. The EAEU-Singapore FTA, which will create stronger ties and trade and investment links between Singapore and the EAEU, is the first comprehensive free trade agreement of the EAEU. FTA will boost the bilateral relationship and build on the five agreements signed during in July. These are to cooperate in areas such as tourism, taxation, arts and culture, vocational training and plant exchange.