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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


EAEU, Iran to launch interim free trade zone on 27 October
The interim free trade agreement between the Eurasian Economic Union and Iran will come into force on 27 October, Minister for Trade of the Eurasian Economic Commission, said.
Egypt-EAEU to reach free trade zone agreement by mid-2020 - Egypt’s Trade Minister
The Eurasian Economic Union (EAEU) and Egypt may sign a free trade zone agreement by mid-2020, Egypt’s Minister of Trade and Industry said.
EAEU-Singapore free trade agreement signed in Yerevan
Prime ministers of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Singapore signed a Free Trade Agreement and a Framework Agreement on Comprehensive Economic Cooperation between the EAEU Member States and Singapore.
Cambodia, EAEU to negotiate FTA
Cambodian officials will next month embark on a visit to Russia to discuss a free trade agreement with the Eurasian Economic Union, a bloc of countries in central and northern Asia and Eastern Europe with a combined GDP of $5 trillion.
Putin, Netanyahu agree to boost talks on EAEU-Israeli free trade agreement - Lavrov
Russian President and Israeli Prime Minister expressed a wish to boost adjusting agreements on a free trade area between Israel and the Eurasian Economic Union.
EEU FTA in progress
Thailand could see a windfall in bilateral trade though an upcoming free trade agreement (FTA) with the Russia-led Eurasian Economic Union (EEU).
Singapore to join Russia-led free-trade zone in October
One of the leading Asian economies, Singapore, is set to ink a free trade agreement with the Russian-led Eurasian Economic Union.
ASEAN countries want free trade agreements to develop Russian trade
Numerous ASEAN member states called for improvements in the region’s free trade status with Russia at this week’s Far East Economic Forum in Vladivostok.
EAEU-Iran trade deal to take effect on October 27: report
Officials from both parties exchanged messages about completing the necessary procedures to enforce an interim agreement leading to the formation of the free trade area.
Russia, India ready to negotiate FTA agreement
Russia is ready to start negotiating with India to set up a Free Trade Area with the Eurasian Economic Union.