EAEU Signs Trade Agreements with Mongolia and UAE

On the sidelines of the Supreme Eurasian Economic Council meeting in Minsk, an agreement on economic partnership between the Eurasian Economic Union and the United Arab Emirates, as well as a temporary trade agreement between the EAEU and Mongolia were signed, BelTA reports.

On the part of the Eurasian Economic Council, both agreements were signed by the Chairman of the EEC Board Bakytzhan Sagintayev and by the members of the EEC Council from all five EAEU member states.

On the Belarusian side, the agreements were signed by Deputy Prime Minister, Chairperson of the EEC Council Natalya Petkevich.

According to the Belarusian Foreign Ministry, both agreements contain obligations of the parties to mutually reduce or eliminate import customs duties on the supply of goods. "The agreed tariff concessions cover more than 90% of bilateral trade in goods between Belarus and Mongolia and the Emirates, which will contribute to the further strengthening and development of trade and economic ties with these countries, will significantly reduce the financial burden on importers and exporters, and improve the conditions for the supply of goods of mutual interest," the Foreign Ministry reported. The agreement between the union and the Emirates ensures the functioning of the free trade zone on a permanent basis. In addition to tariff concessions, it affects various areas of sectoral cooperation.

The temporary trade agreement with Mongolia is initially concluded for three years with a subsequent extension for the same period. After the first three years of the agreement, the parties can begin negotiations on the creation of a full-fledged free trade zone.

"The signing of the agreements is in line with the strategic goals of the EAEU to strengthen the export potential of participants in the markets of friendly countries and complements the legal and regulatory assets of the union, including current free trade agreements with Vietnam, Serbia, Iran, as well as a non-preferential agreement on trade and economic cooperation with China," the Foreign Ministry emphasized.