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Medvedev: Free trade zone between Eurasian Economic Union, Israel to benefit investments

November 16, 2016, 15:08 UTC+3

Israel is ready to hold consultations with all EAEU members, the Russian premier has noted

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Cargo ships in the Mediterranean Sea, near the port of Ashdod, Israel

Cargo ships in the Mediterranean Sea, near the port of Ashdod, Israel

© AP Photo/Ariel Schalit

GORKI, November 16. /TASS/. Creation of a free trade zone between the Eurasian Economic Union (EAEU) and Israel can benefit services and investments, Prime Minister Dmitry Medvedev said on Wednesday.

"In case consent is reached, the negotiating process can be accelerated; of particular importance is that Israel is not merely interested in liberalization of goods trade but also in creation of special conditions for services and investments, that is, the preferential regime," the prime minister said.

Israel is ready to hold consultations with all EAEU members, Medvedev said. The model of interaction between the EAEU and Israel "will provide for better use of economic cooperation opportunities," he added.

 A traceability mechanism for goods of the Eurasian Economic Union should be developed by end of 2016:

"A draft agreement to establish the goods traceability mechanism should be prepared by the year-end," the prime minister said.

Preparation of the new Customs Code is underway:

"We are planning to agree on the final revision and present it to heads of states in December," Medvedev added.

Huge work has been completed this year to improve the regulatory basis of the Union and important documents were approved, such as the common oil and gas markets development concept and guidelines of 2016-2017 macroeconomic policy, the Russian Prime Minister said.

"The new Customs Code of the EAEU creates preconditions for transition to common customs regulation; this will make possible to work transparently and more efficiently in the Union members," Medvedev said. "The document addresses best global practice and business interests and a more convenient mechanism of interaction with government agencies is introduced," he added.

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