USD 69.85
EUR 79.60
RUB 1.05

EEU to sign agreement on cooperation with China in May

The Eurasian Economic Union (EEU) and the People’s Republic of China will sign an agreement on trade and economic cooperation in May 2018. Izvestia reported referring to two high-ranking sources in the Eurasian Economic Commission.

In the next two months, the organization also plans to enter into an agreement on a free trade zone with Iran, and by the end of the year — with Singapore.

Negotiations on the trade and economic agreement between China and the EEU, which includes Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan, began in June 2016. The agreement will allow China to eliminate administrative, technological and economic barriers with five countries at once.

In addition, an agreement with Tehran on the establishment of a free trade zone is to be signed within two months. According to the source, it will be temporary, for three years, in order "the parties can see how this works, what flaws may be there. «If there is not any, the agreement on the free trade zone will be «extended.»

The source confirmed that the process of preparing an agreement on the free trade zone between the EEU and Singapore is also being actively promoted. The parties intend to sign the document by the end of the year.