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China and Eurasian Economic Union Officially Sign Trade and Economic Cooperation Agreement

During the Astana Economic Forum, China International Trade Representative and Vice Minister of Commerce Fu Ziying and Executive Chairman of Eurasian Economic Union and delegates of member countries of the union jointly signed Trade and Economic Cooperation Agreement between the People’s Republic of China and the Eurasian Economic Union (hereinafter referred to as the agreement).

The agreement consists of 13 chapters covering Customs cooperation and trade facilitation, IPR, department cooperation and government procurement, and new topics like E-commerce and competition as well. Both sides agreed to further simplify Customs clearance procedures and reduce the cost of trade in goods through further cooperation, information exchanges and experience sharing. The agreement aimed to further reduce the non-tariff trade barrier, improve the trade facilitation and create sound environment for industrial development so as to promote trade and economic relations between China and the union and its member countries, bring real benefits to business and people of both sides and provide system guarantee for bilateral trade and economic cooperation.

In May 2015, President Xi Jinping and Russian President Putin signed a Joint Statement of Docking Cooperation between the Belt and Road Construction and Eurasian Economic Union Construction, announcing to launch agreement negotiations on China-Eurasian Economic Union cooperation. Since the first round of negotiation in October 2016, the two sides have conducted five rounds of negotiations, three panel meetings and two ministerial conferences, and completed the negotiations substantially on October 1 of 2017.

Established in 2015, the Eurasian Economic Union has members including Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia, and all of them are major cooperation partners in the Belt and Road construction. China and the Union members are complementary in economy, and the potential cooperation is huge. The trade value of China and the union members reached US$109.4 billion in 2017. The agreement was the first system arrangement in trade and commerce that China has reached with the union, marking a new stage for China and the union members to transfer from trade and economic cooperation to system guidance. That is a milestone to promote the docking cooperation of Belt and Road construction and Eurasian Economic Union construction. After the signing of the agreement, the two sides will pace up the domestic procedures and work hard to make it come into force at early 2019.


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