The negotiations on creation of a free trade zone between the Eurasian Economic Union (EAEU), Egypt and India may start soon, Russian Foreign Minister Sergey Lavrov said on Friday.
BERLIN (Pakistan Point News / Sputnik - 14th September, 2018) The negotiations on creation of a free trade zone between the Eurasian Economic Union (EAEU), Egypt and India may start soon, Russian Foreign Minister Sergey Lavrov said on Friday.
"Together with partners in the Eurasian Economic Union, which operates on the principles of the WTO [World Trade Organization], we have created common markets for goods and services, provide conditions for the free movement of capital and labor, strengthen the external contacts of EAEU. A free trade zone operates with Vietnam, the talks on the same agreements are ongoing with Israel, Serbia, Singapore and other ASEAN [Association of Southeast Asian Nations] countries. Soon they will begin with Egypt and India. An interim agreement has been signed with Iran," Lavrov said at a plenary session of the Russian-German forum.
The official added that EAEU has received some 50 proposals offering partnership and noted that the European Union could also start cooperating with the union.
"The European Union should seriously weigh the advantages that the creation of a fundamentally new model of economic cooperation in Eurasia could bring to its own interests as such model could be based on the complementarity of national growth strategies and the addition of the potentials of multilateral economic projects," Lavrov underlined.
Russia and Belarus, along with Armenia, Kazakhstan and Kyrgyzstan, are members of the EAEU, an international organization for regional economic integration. The treaty establishing the EAEU came into force in January 2015.
