Eurasian Economic Union Free Trade Agreement

The agreement goes beyond a simple trade agreement. It also identifies promising areas for the development of cooperation, such as agriculture, energy, transport, industrial cooperation, information and communication infrastructure, technology and innovation, finance and the environment. The Eurasian Economic Union has an integrated domestic market of 180 million people and a gross domestic product of more than $5 trillion. [8] Eawu promotes the free movement of goods and services and provides for common policies in the areas of macroeconomics, transport, industry and agriculture, energy, foreign trade and investment, customs, technical regulation, competition and antitrust. Provisions are made for the future with a view to a single currency and greater integration. [9] [10] [11] The Union operates through supranational and intergovernmental institutions. The Eurasian Supreme Economic Council is the supreme body of the Union, composed of the Heads of State and Government of the Member States. The second level of intergovernmental institutions is represented by the Eurasian Governing Council (composed of the Heads of Government of the Member States). The day-to-day work of the EAWU is carried out by the Eurasian Economic Commission, the Union`s executive body. There is also a judicial body, the EAWU Court of Justice. [12] As a general rule, the supply of industrial and agricultural products may be of mutual interest to the partnership between EAWU and Indonesia.

The conclusion of the free trade agreement can guarantee a $1.4 billion growth in trade between Indonesia and the “five” Eurasian countries. The union is actively working to increase trade with East Asia. It has initiated discussions for formal trade cooperation with ASEAN. Representatives of the two unions discussed ways to develop cooperation between them. [170] The South Korean president launched a “Eurasian initiative” to connect transportation, electricity, gas, and oil links between Western Europe and East Asia. [171] [172] The initiative reflects China`s long-standing “New Silk Road” project. [173] Union members agreed to intensify discussions with Vietnam on the establishment of a free trade area, strengthen cooperation with China, including with regard to the exchange of information on goods and services, and establish expert groups to develop preferential trade regimes with Israel and India. [174] After completing a feasibility study for a free trade agreement (FTA) for Vietnam in November 2012,[158] the then Customs Union, which later became the EFE, decided to continue negotiations. Negotiations on the free trade agreement began in early 2013 and lasted about two years – on May 29, 2015, the agreement was signed by the prime ministers of all parties, who then had to be ratified by the parties. Trade between Vietnam and the Customs Union amounted to $2.24 billion in 2011. [159] Experts believe that with Armenia`s accession, the republic of Nagorno-Karabakh, which is not internationally recognized, would not be integrated into the Eurasian Union. [210] Armenia is a permanent political, military, and economic ally of Russia, while Azerbaijan maintains close relations with Turkey, Armenia`s long-standing enemy.

In 2013, Kazakh President Nursultan Nazarbayev expressed concern about the lack of a reliable customs border between Armenia and Nagorno-Karabakh. . . .