EAEU & Regional Trade Expansion

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Eurasian Economic Union is moving forward towards the expansion of regional trade. With parallel work on North-South and South-West Transit Corridors, ground paved for expansion in regional trade and cementing of role as a vital transit hub as well as for forming a special task force for joint investment.
Member states support cooperation within the framework of economic and political blocs such as the EEU, the Shanghai Cooperation Organization (SCO) and the Economic Cooperation Organization (ECO). The EAEU is developing international cooperation, a free trade agreement has been signed with Singapore, an interim agreement leading to the formation of a free trade zone with Iran will come into force
In this connection, at a recent meeting of the Supreme Eurasian Economic Council (VEES) in Yerevan (Armenia), EAEU members’ states have made a number of important decisions on the integration, international activities, financial policy, customs regulation, energy and a number of others. The first agreements from the comprehensive trade deal package between the countries of the Eurasian Economic Union (EAEU) and the Republic of Singapore, including the Free Trade Agreement, were signed. Participants praised the activities of the Eurasian Economic Commission (EEC) for the development of Eurasian integration processes.
The meeting was attended by Prime Minister of the Republic of Armenia Nikol Pashinyan, President of the Republic of Belarus Alexander Lukashenko, President of the Republic of Kazakhstan Kassym-Zhomart Tokayev, President of the Kyrgyz Republic Sooronbai Jeenbekov, President of the Russian Federation Vladimir Putin, Chairman of the EEC Board Tigran Sargsyan. In addition, the participants in the meeting were President of the Republic of Moldova Igor Dodon as head of the observer state at the EAEU, Prime Minister of the Republic of Singapore Li Hsien Long and President of the Islamic Republic of Iran Hassan Rouhani as guests of honor.
The meeting’s agenda includes improving mechanisms for cooperation between the countries of the Eurasian Economic Union (EAEU) and the effective functioning of the integration space, said Prime Minister of the Republic of Armenia Nikol Pashinyan, opening the summit. We are doubly pleased to hold today’s meeting, since the leaders of two countries – Iran and Singapore, with which our Union develops trade and economic relations aimed at establishing a free trade regime, are participating in it. As a result of close and effective cooperation between all parts of our organization, we were able to further expand the geography of cooperation of the Union, which makes today’s meeting especially important.
It was noted that the priority issues in the EAEU include measures to remove barriers that impede the formation of common markets, as well as the issue of mutual recognition of electronic digital signatures for suppliers to participate in procurement in electronic format. In addition, he drew attention to the need to create conditions for the transition to settlements in national currencies between the EAEU countries. The adoption of the Concept of creating a common financial market will greatly contribute to this. The integration process will be more dynamic if citizens are convinced that as a result of our work decisions are made on sensitive issues that lead to a direct improvement in their living and working conditions.
The governments and national (central) banks of the member states are entrusted with the implementation of the document.
The concept was developed by national (central) banks and ministries of the financial and economic bloc of the Union countries together with the Eurasian Economic Commission.
The concept systemized the work on preparing draft international agreements governing the EAEU common financial market. It defines the directions of creating the infrastructure of the common financial market, the phasing of the implementation of key areas of formation and development of the common financial market of the Union.
Members of the Supreme Eurasian Economic Council approved the main directions of international activity of the Eurasian Economic Union for 2020. The document presents the already established mechanisms for cooperation with third countries, regional integration associations and international organizations, as well as identifies potentially promising partners that the Union seeks to deepen relations with.

Author is an Executive Editor of Mélange int’l Magazine and Secretary Information Center of Pakistan and International Relations (COPAIR)

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