The Russia-led Eurasian Economic Union is interested in expanding east and sign a free trade agreement with Hong Kong, according to Russia’s Deputy Prime Minister Arkady Dvorkovich.

“We recently concluded the free trade zone agreement between the Eurasian Economic Union and Vietnam and are currently negotiating with Israel. We are ready to discuss this issue with Hong Kong,”

said Dvorkovich, speaking at the Asia Financial Forum in Hong Kong.

The EEU is a trade bloc established in 2015 on the basis of the Customs Union of Russia, Kazakhstan and Belarus. It currently has five members: Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, while Tajikistan is a prospective member.

Western sanctions have encouraged Russia to work more actively with Asian partners. In May last year, the EEU and Vietnam signed a free trade zone agreement. It became the first free trade zone between the trade bloc and a third party. According to the documents prepared for the signing ceremony, the free trade zone is going to save exporters from the EEU about $40-60 million in the first year of operation.

Source: Russia wants free trade zone with Hong Kong — RT Business

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand to speed up FTA negotiations with EU

The negotiations towards a Free Trade Agreement with Thailand were originally launched in October 2005. Two rounds of negotiations have been held between 2005 and 2006. The negotiations were on hold from 2006 to 2022.

Global Woes Cast Shadow over ASEAN+3 Growth

The continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area are weighing on the region’s outlook.

Vietnam-Russia New Sea and Rail trade Route

For the past five years, goods transportation by rail to Russia has been used intensively to meet the increased orders of Vietnamese exporters and importers, especially in the field of infant foods, beverages, footwear, and clothing.