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Free trade between EAEU and EU is mostly fruitful — Kazakhstan's President

May 22, 2015, 10:33 UTC+3 ASTANA
"40 countries have already expressed their interest in free trade with the Eurasian Economic Union," Nazarbayev said
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President of Kazakhstan Nursultan Nazarbayev

President of Kazakhstan Nursultan Nazarbayev

© Mikhail Japaridze/TASS

ASTANA, May 22. /TASS/. President of Kazakhstan Nursultan Nazarbayev favors the creation of a free trade zone between the Eurasian Economic Union (EAEU) and the European Union (EU).

"40 countries have already expressed their interest in free trade with the Eurasian Economic Union. Signing of this kind of agreement between the EAEU and the EU would be mostly fruitful," Nazarbayev said at the Astana Economic Forum on Friday.

"I think this will eventually happen as it’s mutually beneficial," he added.

The Eurasian Economic Union (EAEU) is an international organization for regional economic integration. The member states of the union, which started operation on 1 January 2015, are the Russian Federation, the Republic of Belarus, the Republic of Kazakhstan and the Republic of Armenia.

The EAEU is aimed at economic development of the member states by coordinating their economic policy and guaranteeing free movement of goods, services, capital and workforce.

Currently, Vietnam, Iran, India, Egypt and Israel are negotiating the possibility of forming free trade zone agreements with the EAEU.

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