Russia hopes Eurasian bloc signs FTA agreements with more countries

Thursday, 2019-02-07 09:51:36
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Illustrative Image.Free trade agreement helps boost Vietnam-EAEU trade
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Russia expects the Eurasian Economic Union (EAEU) to sign agreements on free trade areas (FTAs) with Israel, Singapore, India, Egypt and Iran, a senior Russian official said on February 6.

"In our opinion, it would be very productive if we actively move towards the conclusion of agreements on free trade areas," Russian First Deputy Industry and Trade Minister Sergei Tsyb was quoted as saying by TASS news agency.

The Russia-led EAEU is a single market, which groups Russia with four other countries of the former Soviet Union: Armenia, Belarus, Kazakhstan and Kyrgyzstan.

A free trade agreement between the EAEU and Vietnam was signed in 2015 and took effect in 2016.

A free trade agreement between Russia and Serbia applies to a limited number of products, but Russian President Vladimir Putin said last month he hoped that a new EAEU-Serbia free trade agreement could be signed this year.

Russia has long nurtured plans of signing free trade agreements with various countries, which would allow Russian enterprises access to new markets.

The EAEU said in October 2017 that intensive work was under way to conclude free trade agreements with seven more countries, including Egypt, India, Iran, Israel and Singapore.

The EAEU and Iran signed an interim agreement leading to the creation of an FTA last year, with a full-fledged agreement expected within three years.