Eurasian Economic Union promising, gaining traction - Lavrov

MOSCOW, January 17. /TASS/. Being a very promising project, the Eurasian Economic Union (EAEU) is gaining traction already, backed by international players taking interest in the integration, Russian Foreign Minister Sergei Lavrov said at the annual news conference on Tuesday. According to the Minister, EAEU is a gradually developing structure. "A new Customs Code has been adopted recently, reducing the time and costs on goods registration," he said, adding that "there is a single market of pharmaceuticals and medical supplies, and by 2025 there will be a single electricity market." "Despite all challenges related to external economic conditions, despite the talks inside the EAEU, I can see that this is a very promising integration. There are real results already in place, meaning that our citizens feel the advantages of our countries’ participation in the EAEU," Lavrov added. The fact that many international players are taking interest in the Eurasian Economic Union is yet another demonstration of its potential, the Minister said. "The talks on making special arrangements are underway with 15 foreign partners, both with countries and organizations," he said. "A free trade zone agreement has been signed with Vietnam, the talks on an intergovernmental trade and economic cooperation agreement with China are underway, the free trade zone talks with Israel are about to start, similar ideas are being discussed with Egypt, Iran, India, Serbia and Singapore," Lavrov said. According to the Foreign Minister, those processes "should be considered under the aspect of wider plans concerning the so-called Greater Eurasian project, where member-states of EAEU, SCO and ASEAN could participate. "The cooperation aimed at the integration of the Eurasian Economic Union with the Silk Road Economic Belt project plays well into those processes," Lavrov said. Read more