The EEA will sign an agreement on cooperation with China in May

CHINA (OBSERVATORY) – The Eurasian Economic Community (EEMA) and China will sign an agreement on trade and economic cooperation in May, reported two high-ranking sources in the Eurasian Economic Commission.

In the next two months, the organization also plans to enter into an agreement on a free trade zone (FTA) with Iran, and by the end of the year – with Singapore.

Negotiations on the trade and economic agreement between China and the EEA, including Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan, were launched in June 2016. Since then, the parties have held five rounds of negotiations, and in May the agreement will be signed. It will allow eliminating administrative, technological and economic barriers with five countries at once.

Another country whose trade with the EEA states will be substantially simplified in the near future is Iran. The agreement with Tehran on the establishment of the FTA should be signed within two months.

According to the source of the publication, it will be temporary, for three years, “so that the parties can see how it works, what flaws there may be, and if they do not exist, the agreement on the FTA will be extended.”

In addition, he confirmed that the process of entering into an agreement on the FTA between the EEA and Singapore is also moving forward. The parties intend to sign the document before the end of this year.