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EAEU, China sign trade and economic cooperation agreement

May 17, 11:00 UTC+3 ASTANA

The agreement does not imply cancellation of duties or automatic reduction of non-tariff barriers

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© AP Photo/Ng Han Guan

ASTANA, May 17. /TASS/. The Eurasian Economic Union (EAEU) and China inked the trade and economic cooperation agreement, TASS reports from the scene on Thursday.

The agreement is a non-preferential by nature and does not imply cancellation of duties or automatic reduction of non-tariff barriers, Kazakhstan’s Minister of National Economy Timur Suleimenov said earlier. At the same time, the agreement will make possible to improve conditions for access of goods to the China market through norms for simplification of trade procedures present in the document, increase the transparency level and improve the level of interaction across all spheres of trade cooperation.

Negotiations between the EAEU and China were held on the basis of the decision of the Supreme Eurasian Economic Council of May 8, 2015.

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