MINSK, Jun 27 (BelTA/APP): An agreement on economic partnership between the Eurasian Economic Union and the United Arab Emirates and an interim trade agreement between the Eurasian Economic Union and Mongolia were signed on the sidelines of the meeting of the Supreme Eurasian Economic Council in Minsk, BelTA learned.
On the part of the Eurasian Economic Union, both agreements were signed by Chairman of the Board of the Eurasian Economic Commission Bakytzhan Sagintayev and members of the EEC Council from all five EAEU member states.
On behalf of Belarus, the agreements were signed by Deputy Prime Minister, Chairwoman of the EEC Council Natalya Petkevich.
According to the Belarusian Ministry of Foreign Affairs, both agreements contain the obligations of the parties to mutually reduce or zero import customs duties on goods. The agreed tariff concessions cover more than 90% of Belarus’ bilateral trade in goods with Mongolia and the United Arab Emirates, which will contribute to trade and economic ties with these countries, will reduce the financial burden on importers and exporters, and improve the conditions for the supply of goods of mutual interest.
The agreement between the EAEU and the UAE ensures the operation of the free trade zone on a permanent basis. In addition to tariff concessions, it applies to various areas of sectoral cooperation.
The interim trade agreement with Mongolia has been concluded for three years and can be extended for the same period. After the first three years of the agreement, the parties can begin negotiations on a full-fledged free trade zone.
“The agreements correspond to the strategic goals of the EAEU to build the export capacities of participants in the markets of friendly countries and complement the EAEU regulatory framework which features the free trade agreements with Vietnam, Serbia, Iran and the non-preferential agreement on trade and economic cooperation with China,” the ministry said.