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Agreement on trade and economic cooperation between the EAEU and the PRC to enter into force in early 2019

Agreement on trade and economic cooperation between the EAEU and the PRC to enter into force in early 2019

9/11/2018
Veronika Nikishina, Member of the Board – Minister in charge of Trade of the Eurasian Economic Commission spoke on September 11 in Vladivostok within the framework of the Eastern Economic Forum about the need for the liberalization of the Eurasian Economic Union (EAEU) market, priority projects for the EAEU countries in the context of the formation of the Silk Road Economic Belt and the prospects for the Agreement on trade and economic cooperation with the People's Republic of China.
 
The EEC Minister participated in the first day of the forum and was a speaker at two sessions "The Far East as the Center for Economic Cooperation with the APR: Businesses and Public Authorities Dialogue" and "Crossroads of the Silk Road".
 
At the first session, the participants discussed the difficulties and opportunities existing on the way to diversifying and strengthening trade and investment flows in the Asia-Pacific Region (APR), the odds and ways of integration into the APR's integration agenda.
 
"Despite all the turbulence of global trade, we believe that we should neither panic nor focus on protectionism, rather we should continue the policy of liberalizing our markets, because the strong entrance barriers of the Asian region can be removed only through the conclusion of agreements", - said Veronika Nikishina. "And we should not be afraid of opening our market, because in fact it is already quite liberal compared to the Asian markets".
 
During the second session, the EEC minister noted that the Chinese One Belt, One Road Initiative was one of the most ambitious development initiatives of the 21st century, which would affect not only the space of the historical Silk Road, but almost all the Eastern hemisphere.
 
"In early 2017, we singled out a list of priority projects to be implemented by the EAEU countries in the context of the formation of the Silk Road Economic Belt as part of the One Belt, One Road Initiative", - emphasized Veronika Nikishina. - Thirty-nine projects from this list are aimed at constructing or modernizing transport infrastructure (creating transport and logistics hubs and developing key transport hubs). The modernization of the transport infrastructure linking the EAEU countries with Asian countries is a necessary condition for our integration into the Asian economic space".
 
According to the EEC Minister, the Agreement on trade and economic cooperation signed in May with the People’s Republic of China will make it possible for investors to make strategic decisions on a predictable basis – sectorial dialogues in specific sectors of the economy with access to joint projects, for example, in transport, energy, agriculture. "We expect the agreement to enter into force at the beginning of next year. However, as early as today we are filling it with specific projects", - stated Veronika Nikishina.