Russian President says EAEU-ASEAN free trade zone creation possible

SOCHI, May 20. /TASS/. Russian President Vladimir Putin says it is possible to create a free trade zone between the Eurasian Economic Union (EAEU) and the Association of Southeast Asian Nations (ASEAN). "I assume it is possible to create a free trade zone between the Eurasian Economic Union and ASEAN in the future," Putin said at a meeting of leaders of the Association’s member-states with representatives of the Russia-ASEAN business forum on Friday. "Its launch could contribute to the formation of the Asian-Pacific free trade zone," he added. According to Putin, he will discuss the idea with the colleagues in the EAEU - Kazakhstan, Belarus, Kyrgyzstan and Armenia. Regional integration associations are playing an increasingly important role in the global economy, Russian President said, adding that both the EAEU, which also comprises Russia, and the ASEAN see common rules of free movement of goods, services, capital and workforce being created. The Eurasian Economic Union, which represents a huge market with up to 180 mln consumers, operates on the base of the WTO rules, Putin said, adding that Vietnam was the first country to estimate the potential of the Union as it concluded the free trade zone agreement. "Singapore as well as a number of other countries - Thailand, Cambodia and Indonesia - are also taking interest," Putin said. Potential joining of the EAEU, ASEAN, SCO and the Silk Road Economic Belt could also become a promising area of regional economic integration, Russian President said. "I’m convinced that business circles will continue their active participation in the development of multi-faceted cooperation between Russia and ASEAN," Putin added. Read more