MOSCOW, 16 November. /TASS/. Russian Prime Minister Dmitry Medvedev and his APEC colleagues will address the prospects of intensifying trade cooperation between the Eurasian Economic Union (EAEU) and the Asia-Pacific region and their integration associations on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, set to take place in Port Moresby (Papua New Guinea) on November 17-18, Deputy Prime Minister and First Deputy Head of Government Executive Office, Sergey Prikhodko, told reporters.
"Of course, plans are in store to discuss the prospects of strengthening cooperation between the EAEU and Asia-Pacific states, and their integration associations on the sidelines of the summit. Such dialogue is important both in terms of synchronizing trade arrangements, and making economic growth within the EAEU and the Asia-Pacific region advance, so that each economy could achieve its potential in its fullest," he stated.
As an example, Prikhodko cited the Memorandum of Understanding, signed between the Eurasian Economic Commission and the Association of South East Asian Nations (ASEAN) in Singapore on November 14. A free trade agreement between the EAEU and Vietnam has been functioning since 2016, he recalled, pointing out that a similar deal with Singapore is at the final stage of approval. Additionally, such countries as Thailand, Indonesia and other Asian nations also have shown an interest in trade liberalization with the union.
A temporary agreement, leading to the establishment of a free trade zone between the EAEU and Iran was inked this May, and the prospect of starting such talks with India is being considered.
According to Prikhodko, a particular emphasis is being put on cooperation with China, "relations with which have reached a level of comprehensive cooperation and strategic partnership." The agreement on trade and economic cooperation between the EAEU and China, which was clinched in Astana on May 17, 2018, to ensure the harmonization of regulatory standards in sectoral and customs cooperation, competition, intellectual property rights protection, e-trade and procurement, turned out to be a significant milestone.
Furthermore, work has been launched to draft a Russian-Chinese agreement on Eurasian economic partnership, which will be "open to all the keen states and designed to become a basic element for the creation of a single economic space within Greater Eurasia," Prikhodko stressed.
Work on a feasibility study of this document was completed in June this year.