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EEU countries not ready to open markets for Chinese imports

«The countries of the Eurasian Economic Union are not ready yet for full-scale opening of markets for Chinese imports,» Evgeniy Vinokurov, Director of the Center for Integration Studies of the Eurasian Development Bank, told 24.kg news agency.

Recall, earlier there were reports that EEU and PRC plan to reach an agreement on trade and economic cooperation in May. It should stimulate mutual trade and investment flows, improve customs administration and simplify trade procedures.

«Negotiations on the agreement between EEU and China began in 2016. The topic is extremely complicated, primarily for EEU countries. There are two principal complications. First, the countries of the union are not yet ready for the full-scale opening of markets for Chinese imports. Too many industrial sectors, especially the production of consumer goods, would become the victims of such a decision. Secondly, the interests of EEU countries with respect to cooperation with PRC are very different,» Evgeniy Vinokurov stressed.

The expert is sure that the position of EEU countries in relation to the agreement with China and its interpretation can be designated as regulatory convergence in the spheres of transport, industrial cooperation and investment.

«More broadly, it is about creation of favorable conditions for cooperation in infrastructure construction, industry, transport, investment activities, expanding access to some markets. And, most importantly, liberalization of trade — that is, changes in the actual import duties — is not planned now,» Evgeniy Vinokurov summed up.