Eurasian Economic Union, Egypt to launch free trade talks in 2016 - official

MOSCOW, March 27. /TASS/. The Eurasian Economic Union, the new Russia-led political and economic bloc formed together with Kazakhstan, Belarus and Armenia, will start formal talks early next year on establishing a free trade zone, in a process that is expected to take no less than three years Yelena Shutova, who heads the products branch of the Eurasian Economic Commission’s Trade Policy Department, said on Friday a joint research group will meet in June to discuss the prospect of a free trade agreement. "The second meeting will take place during the autumn, in September or October," she said, noting that the group was expected to work for about a year before formal talks could begin. "We are planning to complete this work in 2015 and start talks [on the free trade zone] in 2016," she said. It is not clear how long the talks will take, but judging from past experience and similar trade deals, Shutova says the most optimistic timeframe is three years The widening regional assembly of the four countries, now with Kyrgyzstan set to join later this year, is currently in advanced talks on a free trade pact with Vietnam, she said, recalling that the negotiations had lasted about two years. The Eurasian Economic Union started operating in January, replacing the Eurasian Economic Community, which officially ceased to exist in October. The treaty was signed by the presidents of Russia, Kazakhstan and Belarus in May last year. It establishes the union ensuring free movement of goods, services, capital and labour and binds its member states to conduct co-ordinated or common policy in economic sectors. Membership is open to other states assessed as sharing the assembly's aims and principles, its founders say. Read more