EAEU, Mongolia Complete Preparations For Temporary Free Trade Agreement

The Eurasian Economic Union (EAEU) and Mongolia intend to complete the preparation of a temporary agreement on setting up a free trade zone by the end of 2024, the Eurasian Economic Commission (EEC) said following consultations with Mongolian representatives earlier this week. The EAEU includes Russia in addition to Armenia, Belarus, Kazakhstan, and Kyrgyzstan. It fits the geographic space between Western China and Eastern Europe.  

The EEC Trade Minister, Andrei Slepnev has said that “It stands to reason that we’ve been speaking of a temporary agreement, as time does matter. It’s important for us to quickly and promptly achieve a result that everyone would feel. The EAEU and Mongolia have a broad range of opportunities to increase the level of competitiveness of national industrial manufacturing facilities, enhance bilateral trade, and improve the terms of access to each other’s markets.”

Mongolia currently has observer status at the EAEU, which also has FTA with China, Iran, Serbia, and Vietnam.