Today, in joint section with Eurasian Economic Commission, we | Roscongress Direct

Today, in joint section with Eurasian Economic Commission, we will talk about EAEU trade agreements with third countries.

All EAEU trade agreements can be divided into two types:

preferential agreements
Among other things, they ensure the goods transfer under reduced import customs duties or, if not charged, to provide a background for increasing export from the EEU countries.

non-preferential agreements
They do not imply the abolition or reduction of duties, are needed to remove non-tariff barriers and to cooperate in various fields.

Preferential Agreements

The first free trade zone with Vietnam has been successfully operating since the end of 2016. Just a year after the agreement came into force, trade turnover between EAEU countries and Vietnam increased by 36.7%. In 2020, trade with Vietnam increased by 11.7% compared to 2019 and amounted to $6.25 billion, while export increased by almost 30%.

A temporary agreement that leads to establishing a free trade zone with Iran came into force in October 2019. In 2020, the volume of mutual trade amounted to $2.9 billion and showed a growth of 18.5%, with export amounting to $1.65 billion.

In October 2019, free trade agreements with Serbia and Singapore were signed. The agreement with Serbia is ratified by now and is expected to become operational in the summer of 2021. Negotiations continue with Singapore on agreements on free trade in services and investment (between EAEU countries and Singapore), which will form a single "package" with the commodity agreement.

Free trade agreements are being negotiated with Egypt, Israel, India and Iran.

Prospects for concluding free trade agreements with new partners - Indonesia and Mongolia - are being studied. The results are to be presented by the end of 2021.

Non-preferential Agreements

The agreement on trade and economic cooperation with China came into force in the fall of 2019. The agreement covers many areas: technical regulation, customs formalities, competition, and e-commerce. In fact, this is the first step toward creating substantive agreements on the development of trade and economic cooperation between the EAEU and China.

More about EEU trade agreements here.

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