Nizhny Novgorod, August 16 – The Eurasian Economic Union (EAEU) is on the verge of signing free trade agreements with the United Arab Emirates (UAE), Indonesia and Egypt, as reported by Russian Industry and Trade Minister Anton Alikhanov at a meeting of BRICS industry ministers. These accords are expected to further strengthen ties between the EAEU and its partners, mirroring similar successes experienced in trade relations with Vietnam, Serbia, and Iran.
According to Alikhanov, free trade agreements serve as an effective means of bolstering the EAEU’s relationships with foreign counterparts, as evidenced by significant increases in trade turnover with countries that have already signed such pacts. The minister further emphasized that the EAEU is currently at an advanced stage in its negotiations with the UAE, Indonesia, and Egypt for similar agreements.
In a broader context, Alikhanov also proposed exploring potential avenues of cooperation between the BRICS nations (Brazil, Russia, India, China, and South Africa) and the EAEU, which is an integrated regional economic union comprising Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The EAEU is characterized by the free movement of goods, services, capital, and workforce within its member countries, as well as a shared regulatory policy in key sectors of the economy.
Alikhanov emphasized that these measures have fostered active growth in mutual trade and industrial cooperation among EAEU members. With further expansion of its trading relationships through free trade agreements, the Union is poised to strengthen its position on the global economic stage, benefiting not only its member states but also its partners around the world.