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EAEU
The Eurasian Economic Union (EAEU) is an economic union of former Soviet Union member states. It is comprised of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The treaty establishing the EAEU was signed on 29 May 2014 by Russia, Kazakhstan and Belarus, and came into force on 1 January 2015. Armenia and Kyrgyzstan accessed the Union on 2 January 2015 and 6 August 2015, respectively.
The EAEU was set up to challenge the economic influence of the US and the European Union, and to counter the two super powers’ attempts to isolate Russia.
The EAEU provides for free movement of goods, services, capital and labour. Member states have a common trade policy regime regarding third countries.
The EAEU has been very active negotiating trade deals.
It has two free trade agreements in force with Vietnam (2016) and Iran (interim FTA, 2019), as well as an agreement on economic and trade cooperation with China (2019).
It has signed FTAs with Serbia (2019) and Singapore (2019).
It has been discussing trade deals with Cambodia, Chile, Egypt, India, Indonesia, Israel, Korea, Mercosur and Peru.
Potential negotiations with ASEAN, Bangladesh, Brazil, the Gulf Cooperation Council, Mauritius, Mexico, Mongolia, New Zealand and Thailand could also emerge further down the line.
In addition, the EAEU has a free trade area with Moldova, Tajikistan, Ukraine and Uzbekistan, as part of the Commonwealth of Independent States Free Trade Area, which was established in 2012. On 1 January 2016, Russia suspended the agreement with Ukraine, following the provisional application of the European Union-Ukraine trade deal.
Last update: March 2020
Photo: German Marshall Fund of the United States
The next round of talks on a full-fledged free trade agreement between the Eurasian Economic Union (EAEU) and Iran will take place in Moscow at the end of September.
An official with the Trade Promotion Organization of Iran said that Free Trade Agreement between Iran and Eurasian Economic Union will be inked within next three months.
Putin approved the law on ratification of the protocol to the provisional agreement signed in 2018, leading to the establishment of the free trade zone between the Eurasian Economic Union (EAEU) and Iran.
Iran and the Eurasian Economic Union representatives have gathered for the fifth round of negotiations on upgrading the current preferential trade agreement between the two sides into a free trade agreement.
Egypt’s Minister of Trade and Industry Nevine Gamea stated that a free trade agreement between Egypt and the Eurasian Economic Union (EAEU) has been negotiated.
A decision to start negotiations on a free trade zone between the Eurasian Economic Union and the United Arab Emirates might be made by the end of this year.
The Eurasian Economic Union is planning to launch talks with Indonesia around a free trade agreement, Prime Minister of Armenia said.
Iran and the Eurasian Economic Union (EAEU) have held a fresh round of talks aimed at finalizing a free trade agreement that could lead to a major expansion in economic exchanges between the two sides.
Iran and the Eurasian Economic Union (EAEU) are going to upgrade the Preferential Trade Agreement already reached between the two sides to a Free Trade Agreement by the end of 2022.
A new round of free trade agreement talks between Iran and the Eurasian Economic Union will be held in Tehran, according to the head of Trade Promotion Organization.
