More than 40 countries express interest in creating free trade zone with EAEU


On the 24th August 2015 the Minister of Economic Development of the Russian Federation Alexey Ulyukayev took part in the Economic Ministers Consultations of the East Asia Summit (EAS), which opened in Kuala Lumpur (Malaysia).

We are in the process of becoming an increasingly integrated single economic space, and the economies EAS countries are interdependent, pointed out Mustafa Mohammed, Minister of International Trade and Industry of Malaysia at the opening of the summit.

The organization was founded in 2005 as a forum for a dialogue for the heads of government of the APAC countries on the broad scope of common interest subjects of the strategic, political and economic dimensions.

The 10th East Asia Summit will be held on the 22nd of November 2014 in Kuala Lumpur, Malaysia.

For Russia that summit is an excellent opportunity to extend participation in integration processes in the region".

"The EAEU countries play an important role in the global economy — the GDP of the member states reached $60.5 trillion in 2014," the Minister added.

18 states participate in the EAS: 10 ASEAN countries and its dialogue partners — Australia, China, India, South Korea, New Zealand, Russia, the United States and Japan.

EU, Canada, Mongolia, Pakistan are interested to join this cooperation.

Finance, energy, emergency response, health care, education and regional interconnectivity are identified as the priority areas of cooperation within the EAS. Currently, on the initiative of Russia one of the key topics on the agenda is to create a security architecture and sustainable development in the Asia-Pacific region.

According to Alexey Ulyukaev, EAS countries are old trade partners of Russia.

In 2014 Russia's trade turnover with the countries of EAS, according to the Russian customs statistics, amounted to $208 bln and increased in comparison with 2013 by 2%, including export that amounted to $105.8 bln (increasing by 8.9%), import — $102.2 bln (decreasing by 4.2%). The foreign trade surplus between Russia and the EAS in 2014 amounted to $3.7 bln.

The Russian exports to these countries were based on fuel and mineral products.

The dencity weight for chemical industry is 8,5%, for metals and products thereof is 7,7%, for machines and vehicles is 6,1%, for wood and products thereof is 5,2, for agricultural products and food preparation is 3,7 ? precious metals and stones is 2,2 %, other goods is ( special delivery for Military-technical cooperation) -1,1%.

"Global cooperation is an important trend,- noted Aleksey Uliakaev.

Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan organized a Eurasian Economic Union and set up the free trade zone with Vietnam. More than 40 countries and international organizations have expressed interest in establishing a free trade zone with the EAEU — China, Indonesia, Thailand and Cambodia are among them," the Minister said.

According to Mr. Ulyukaev, Russia as a member of EAEU is interested in studying new prospects and mechanisms for further cooperation between the countries. Active participation in this process will strengthen regional ties, will rise investment attractiveness of the region and also will extend Russian companies new possibilities and access to the new markets.