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The Eurasian Week to discuss development of free trade areas of the EAEU with Vietnam, India, and Iran

The Eurasian Week to discuss development of free trade areas of the EAEU with Vietnam, India, and Iran


​At the Eurasian Week Forum, the results of the first year of operation of the free trade area (FTA) of the Eurasian Economic Union (EAEU) with Vietnam will be summarized, and possibilities for liberalizing trade with India and Iran will be discussed. The Forum will be held on August 24-26 in Astana (Kazakhstan) and bring together officials of the member states and partner states of the Union, representatives of the international business.

At the workshop “EAEU - Vietnam: first business results. Trade foresight”
, representatives of companies of the Union countries will speak about their practices of the use of the FTA, as well as opportunities for further development of business between Vietnam and the EAEU. Cooperation under the FTA started in October 2016, and already at the beginning of the year the project showed good results.

“Export and import component growth that we have seen since the beginning of this year speaks to the effective operation of the Free Trade Area with Vietnam. In just five months of 2017, total turnover between the EAEU and Vietnam amounted to almost 2 billion US dollars, demonstrating a 26.6% growth. Our next steps include creation of an electronic system for confirmation of certificates of goods origin, development of cooperation between the responsible bodies in application of sanitary, phytosanitary and veterinary measures, and in elimination of technical barriers to trade to ensure the access of goods to the markets of the partners,” the Member of the Board - Minister in charge of Trade of the EEC, Veronika Nikishina, said.

“EAEU – Iran: improvement of transport and logistics corridor”
is a hot topic related to the growing interest in the Iranian market. The work on the preparation of the interim agreement leading to the establishment of a free trade area with Iran is at the completion stage. In this regard, it is essential to regularly communicate with the business community to obtain feedback on the development of trade relations with this country, to identify difficulties and barriers when companies from the EAEU countries enter the Iranian market. The workshop will address issues of customs regulations, reducing logistics costs, creating transport infrastructure and establishing comfortable business environment.

The Workshop “EAEU – India: towards a FTA”
is intended to identify the demand of business of the EAEU and India for the most relevant directions in bilateral trade.

In the framework of the event, in the course of a direct dialogue, topical issues will be raised, the prospects of economic cooperation will be considered, measures will be discussed to create favourable conditions for its further deepening under the conditions of trade liberalization that opens new prospects for the business. During the workshop, it is planned to discuss practical proposals for the development of economic integration built on the basis of predictable and long-term rules that will be enshrined in the future free trade agreement with India. It is expected to address the issues such as trade regulation, harmonization of administrative procedures, removal of trade barriers, support for trade and investment flows, technological and industrial cooperation. 

For Reference

The Eurasian Week Forum is an annual event held by the countries of the EAEU and the EEC. The initiative to hold the Forum was approved in May 2015 by the decision of five Prime Ministers of the EAEU countries. The Forum includes the business and exhibition parts, and facilitates establishing B2B and B2G contacts. The first Eurasian Week Forum was held in October 2016 at the site of the Moscow International Forum and the Innovative Development Show “Open Innovations”. 16 thematic events were held involving business and expert circles of the Union and third countries (Vietnam, Singapore, Egypt, South Korea, the EU countries). More than 400 speakers spoke at the Forum site. The exhibition part was represented by 43 exhibitors from the Union countries. Over 2,000 people visited the Forum.