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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


Mongolia eyes free trade agreement with Eurasian Economic Union
Mongolian Prime Minister J.Erdenebat has proposed to sign a free trade agreement with the Eurasian Economic Union (EAEU).
Serbia ’moving forward’ with EAEU free trade deal
Marko Cadez, President of the Serbian Chamber of Commerce and Industry said that Belgrade has been making progress on negotiating a free trade agreement with the Russia-led Eurasian Economic Union.
EEU closer to free trade deal with Iran
The Moscow-led Eurasian Economic Union aims to finalize a free trade deal with Iran by the end of the year (2017), in a drive by Russia and its fellow members to deepen ties with Tehran.
Russia willing to start NZ free-trade talks
Russia is willing to restart free trade talks with New Zealand that were halted after the annexation of the Crimean peninsula, but Trade Minister Todd McClay says it is too soon to resume negotiations with the world’s 12th-biggest economy.
EAEU working on free trade zone agreements with China, Iran
About 40 countries are currently interested in establishing trade and economic relations with the EAEU
EAEU-Iran free trade preparation deal signed
Members of the Eurasian Economic Union’s (EAEU) prime ministerial council signed a directive on March 7, ordering preparations for a temporary agreement on forming an EAEU-Iran free trade zone.
EAEU and Singapore to sign FTA till end of 2017
The Prime Minister of Singapore stressed that he is ready for a constructive dialogue and hopes that the FTA will be signed by the end of 2017
Cambodia, EEC put free trade on agenda
Officials from Cambodia and the Eurasian Economic Commission (EEC) meeting in Phnom Penh yesterday issued a statement affirming commitments to increasing bilateral trade made last year, and agreed to work toward a possible free trade agreement.
India, Russia to step up geopolitical and economic cooperation in 2017
At the bilateral level, Moscow and New Delhi are poised to make a trajectory shift, especially in the realms of two-way mutually beneficial economic linkages.
India starts negotiations with Eurasian Economic Union to establish free trade area
Negotiations between India and the Eurasian Economic Union regarding the establishment of a free trade area will start in the year 2017.