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Eurasian Economic Union is close to creating a free trade zone with Egypt and India

Eurasian Economic Union activates negotiation process on the conclusion of agreements on the establishment of free trade zones with Egypt, India, Indonesia and Mongolia. This information was given to BelTA by the Trade Board of the Eurasian Economic Commission.

Negotiations to conclude an agreement on the creation of a free trade zone with countries such as Egypt and India, which can become a fulcrum in expanding exports of the member states of the Eurasian Economic Union to the markets of North Africa and South, are scheduled for the first half of 2021. More information about the Indian economy, as well as perspectives of the Belarussian - Indian business cooperation you can find in our special article "International Review".

In addition, the development of a free trade zone with Indonesia and Mongolia is underway. In the future, these countries will be able to facilitate the entry of Belarusian enterprises to the markets of the countries of the Association of Southeast Asian Nations, whose members are 10 countries with a total population of about 650 million people.

Note that the Eurasian Economic Union has signed two agreements on a free trade zone: with Vietnam (since 2015) and Singapore (since 2019). In addition, in 2018, an Interim Agreement leading to the formation of a free trade zone between the EAEU and Iran was signed. In the same year, an agreement on trade and economic cooperation with China was signed.

The new agreements can help Belarusian exporters enter the markets of distant countries, reduce existing trade barriers and protective duties. Note that FEZ Grodnoinvest residents annually increase their exports to third countries. In 2020, new destinations were opened, such as Bangladesh, Zimbabwe, Iceland, Peru, Somalia. In total, the geography of exports of FEZ Grodnoinvest residents includes more than 60 countries.