EAEU expands cooperation
The Eurasian Economic Union has significantly expanded its cooperation with key partners and regional associations this year. Free trade zone has been already set up with Vietnam and the negotiations on creation of such zones with Israel, Iran, Singapore and some other countries are underway. Experts and entrepreneurs discussed the results of the second year of the EAEU active work, the practical aspects of economic integration and burning issues of business development in the Eurasian five as part of the Third Eurasian Economic Congress in Moscow. Indian, Cambodian and the EU businessmen have also expressed desire to strengthen cooperation with the EAEU. Kazakhstan chairs the EAEU this year.
Tatyana Valovaya, Minister of Integration and Macroeconomics, EAEU:
Kazakhstan has always put forward very important and very correct initiatives, which received support from other countries. Earlier this year, the President of Kazakhstan has sent his proposals on the chairmanship program, declared this year the Year of strengthening trade and economic cooperation with key trade and economic partners, and leading regional organizations. We have worked very actively on this direction for the whole year, and I must say that it is marked by significant results. The first free trade zone agreement with Vietnam came into force this year, negotiations with Israel have started, the launch of similar negotiation process with Iran, India, Singapore and some other countries are under discussion.
Ernesto Ferlenghi, PRESIDENT, ASSOCIATION OF ITALIAN MANUFACTURERS IN RUSSIA:
This is a huge amount of investment, it is a unique market for business. Powerful integrated market between Lisbon and Vladivostok. 180 million of people, turnover worth $3 trillion, it is certainly interesting to us.
South Korea intends to work with the EAEU. This will increase trade turnover between South Korea and Central Asia. In addition, the conclusion of the agreement on the creation of the free trade economic zone with the EAEU opens new opportunities for expanding economic cooperation. Negotiations with the Eurasian Economic Committee on this regard are underway.
Kim Hak-do, Deputy Minister for Trade Negotiations, South Korea:
Signing the agreement on free trade between South Korea and the EAEU will allow, first of all, the Central Asian countries to establish a basis for institutional investment and reduce tariffs, to regulate customs barriers, this will lead to an increase in trade and investment. Also, Korea can attract high-quality human resources from Kazakhstan and Kyrgyzstan and use energy resources to overproduce them and export to third countries.
TIGRAN SARGSYAN, EEC CHAIRMAN:
All this improves the business environment, reduces costs for business and has the potential for economic growth. We should note that Kazakhstan is one of the drivers of our association, and it is no secret that Nursultan Nazarbayev expressed the idea of forming the economic union for the first time. At present, we see how this concept is being successfully implemented with the active participation of Kazakhstan.