Trade between members of the Eurasian Economic Union (EAEU) grew by more than 20% in the first quarter of 2023, Director of the First Commonwealth of Independent States Department of the Russian Foreign Ministry Mikael Agasandyan told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 02nd August, 2023) Trade between members of the Eurasian Economic Union (EAEU) grew by more than 20% in the first quarter of 2023, Director of the First Commonwealth of Independent States Department of the Russian Foreign Ministry Mikael Agasandyan told Sputnik.
"From 2015 to 2022, mutual trade between the five countries almost doubled. In 2022 alone it increased by 14% year-on-year. We have reasons to believe that this trend will not stop this year. According to the estimates of the Eurasian Economic Commission, in the first quarter of 2023, internal trade between EAEU states increased by more than 20% (year-on-year)," Agasandyan said.
He also noted that the steady growth in internal trade between EAEU countries throughout the existence of the association "indicates the effectiveness of the decisions taken within the framework of the union."
The EAEU has plans to sign free trade agreements with more countries, as applications are being sent to the Commission and candidate countries are being carefully considered, the Russian diplomat said.
"Free trade agreements are one of the most advanced forms of international cooperation between the union and third countries and integration associations. In fact, EAEU member states have plans to expand the network of such partnerships," Agasandyan said.
The bloc will sign a free trade agreement with Iran "in the near future," and negotiations are underway with Egypt, Indonesia and the United Arab Emirates, he added.
The Eurasian Economic Union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The EAEU currently has free trade agreements with Vietnam and Serbia. An agreement with Singapore was signed in 2019 but has not gone into force yet. The bloc also has an agreement on trade and economic cooperation with China.
