The countries of the Eurasian Economic Union (EAEU) and the Shanghai Cooperation Organization are developing an agreement to establish a continental economic partnership by way of free trade zone creation.
As our special correspondent Alexey Nevsky reports from the ground, the First Deputy Head of the RF Economic Development Ministry, Alexey Likhachev, discussed this in a speech at the first Russian-Chinese Construction Forum.
According to him, a comprehensive treaty will be prepared within the framework of the Shanghai Cooperation Organization. After India and a number of other Asian and European countries have entered the SCO, half of the world’s population will be participants in this agreement.
The agreement will include 3 major component: freedom of commodity and capital flow, favoring turnover, and an increase of the proportion of payments made in national currencies. Mr Likhachev reminded those present that Russia has already had experience in the creation of a free trade zone with Vietnam. However, the new project is on a very different scale.
It’s possible that a line will be drawn under this negotiation on establishing the most ambitious trade agreement in the world at a meeting of the SCO countries leaders.
According to available data, the SCO countries’ leaders have already given assignments behind the scenes to their Economic Ministers to conduct a meeting at the next session of the Council of the Heads of Governments in order to work out a roadmap for the preparation of the agreement.
To remind you, the Eurasian Economic Union is an economic union set up within the framework of Eurasian integration on January 1st 2015 on the basis of the Customs Union of Russia, Belarus and Kazakhstan.