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EAEU

The Eurasian Economic Union (EAEU, or EEU) 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


EAEU signs trade agreements with Mongolia, UAE in Minsk
An agreement on economic partnership between the Eurasian Economic Union and the United Arab Emirates and an interim trade agreement between the Eurasian Economic Union and Mongolia were signed.
Russia, Myanmar sign agreement on promotion, mutual protection of investments
Russia and Myanmar have concluded an agreement on the promotion and mutual protection of investments.
Mongolia plans to sign interim trade agreement with Eurasian Economic Union in June
Mongolia’s interim trade agreement with the Eurasian Economic Union (EAEU) is scheduled to be signed at the next meeting of the EAEU’s main governing body in June.
India, Russia-backed economic bloc to begin free trade talks
Moscow and New Delhi first discussed a potential trade agreement with the bloc in July last year.
Russian-backed union free trade deal with Iran goes into effect
The Russian-led Eurasian Economic Union free trade deal with Iran went into effect on Thursday, paving the way for increased trade across sectors ranging from agriculture to metals.
EAEU-Iran cooperation roadmap under development
The full-fledged free trade agreement between the Eurasian Economic Union and the Islamic Republic of Iran will enter into force on 15 May.
Mongolia’s interim free trade deal with the EAEU: What’s at stake?
Mongolia’s government sees the temporary FTA as tool to expand imports, but business groups and policy experts in Mongolia have voiced concern about the deal’s implications.
EAEU, Iran discuss strategic transport links in preparation for free trade deal
A seminar was held at the Eurasian Economic Commission on the development of cooperation with Iran in the areas of transport and logistics, in anticipation of the upcoming implementation of a Free Trade Agreement.
Iran-Eurasian free trade agreement to take effect in 60 days
Iran’s embassy in Moscow reported that the free trade agreement between Iran and the Eurasian Economic Union will come into effect in 60 days.
Iranian parliament approves free trade zone with EEU
The Iranian parliament has ratified an agreement with the Eurasian Economic Union (EEU) to create a free trade zone, Mehr news agency reported.