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Russia to consider norms of WTO, Eurasian Economic Union in its economic policy — PM

May 27, 2015, 17:52 UTC+3 MOSCOW

For doing that, Russia together with its partners has to harmonize economic legislation taking into account the EAEU requirements

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© Alexander Astafyev/Russian government press service/TASS

MOSCOW, May 27. /TASS/. Russia intends to continue reconciling its economic policy with norms and principles of the World Trade Organization (WTO) and the Eurasian Economic Union (EAEU), Russian Prime Minister Dmitry Medvedev said Wednesday.

"The norms that the Eurasian Economic Union is sticking to today, consider various international rules, including the WTO principles; the legal groundwork for Russia’s economic policy will be further tied with implementation of a number of WTO and EAEU principles at the national level," he said.

Medvedev added that for doing that Russia together with its partners has to harmonize economic legislation taking into account the EAEU requirements. "Russia like other members of the EAEU is absolutely open to cooperation," Medvedev said, adding that Russia is interested in having the status of a full-fledged member of the World Trade Organization as well since it’s crucial for the country’s economic development and for promoting Russian goods on the domestic market.

A new agreement of the EAEU member-states with Vietnam on free trade zone has been prepared, Medvedev said. "Literally the day after tomorrow [May 29] we will sign it at a meeting with heads of Governments in Kazakhstan," Prime Minister said, adding that this economic union has good economic prospects and development plans with China.

The Eurasian Economic Union 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.

Infographics The Eurasian Economic Union starts its work

The Eurasian Economic Union starts its work

The Treaty on the establishment of the Eurasian Economic Union comes into effect on January 1. Infographics by TASS

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