Development of free-trade zones with Vietnam, India and Iran will be discussed at the Eurasian Week Forum
The Forum will take place on August 24-26 in Astana, Kazakhstan, hosting officials from the member countries of the Eurasian Economic Union (EEU) and international business representatives.
The Eurasian Week Forum is an annual business event arranged by the European Economic Commission (EEC) and supported by heads of governments of member states of the Union. The Forum business program will feature an export track for those business representatives who carry out or plan to carry out foreign trade activities with Vietnam, India and Iran.
During the “EEU - Vietnam: first business results. Trade foresight” workshop companies of member countries of the Union will tell about their practice of free-trade zones (FTZ) usage and opportunities for further business development between Vietnam and EEU. FTZ cooperation started in October 2016, and by the beginning of the year the project demonstrated good results.
“Export and import growth that we have seen since the beginning of this year shows the efficiency of work of the free-trade area with Vietnam. Over just five months of 2017, the total goods turnover between the EEU and Vietnam amounted to almost USD 2 billion, demonstrating 26.6% growth. Our further steps is the creation of an electronic system for confirmation of certificates of goods’ origin, development of cooperation between responsible bodies in the area of sanitary, phytosanitary and veterinary measures as well as in the area of technical barriers to trade to ensure availability of goods at partners’ markets,” Veronika Nikishina, Member of the Board – Minister in charge for Trade of the EEC.
“EEU - Iran: improvement of transport and logistics corridor” is an important matter relating to the growing interest to the Iranian market. The work for preparation of the temporary agreement for formation of a free-trade area with Iran has been almost completed. In this regard, regular communication with business circles in order to receive feedback relating to the development of trade relations with this country, detection of difficulties and barriers to entrance to the Iranian market faced by the EEU countries is crucial. During the workshop matters relating to customs regulation, reduction of logistic costs, creation of a transport infrastructure and formation of a comfortable business environment will be discussed.
The “EEU - India: on the way to the FTZ” workshop should define the interest of EEU and India’s business in the most demanded areas of bilateral trade.
Within the framework of this event important matters and perspectives for economic interaction, measures to create the most favorable conditions for its further expansion in the context of trade liberalization that open a new business outlook will be discussed in a form of a direct dialog. During the workshop practical suggestions for the development of economic integration based on predictable and long-term rules to be defined in the further free trade agreement with India will be discussed. Such matters as trade facilitation, unification of administrative procedures, elimination of trade barriers, support of commodity and investment flows, technological and industrial cooperation will be considered.
“Free trade agreements are aimed at facilitating access to markets and are demanded by exporters. We see good perspectives for the development of food, mechanical, metal products supply to Iran. To increase export to India, mechanical, chemical, forestry complex products can be mentioned. Expert country sessions contribute to familiarizing with important business needs and development of more efficient agreements,” Mikhail Sneg Export Policy and Analysis Director of Russian Export Centre JSC tells.