The Eurasian Economic Union (EAEU) intends to expand its network of free trade zones (FTZ) by signing agreements with several countries, including Egypt, the UAE, India, and Indonesia, according to Russian Deputy Foreign Minister Alexander Pankin in an interview with Izvestia.
According to Pankin, an agreement with Indonesia could be reached by the end of 2024. "We can expect it. There are rough timelines for completing the process, but it is very meticulous work," the diplomat noted, emphasizing the complexity of negotiations, which involve hundreds of product categories and groups.
The deputy minister also stressed that the process of concluding agreements follows a specific schedule, and artificially speeding it up is not a priority. "From our partners, we do not see any additional difficulties or obstacles," he added.
Pankin pointed out that Russia, as a member of the EAEU, cannot conclude bilateral FTAs, so all negotiations are conducted on behalf of the union. In addition to the aforementioned countries, the EAEU is considering the possibility of establishing FTZs with other nations, reflecting the union's broad geographical interests.
"FTZs are not a panacea, but a tool to facilitate the development of relations," Pankin emphasized, noting that the main factor in creating such zones is economic viability, not political motives. According to him, the EAEU expects that the expansion of the FTZ network will lead to a significant increase in trade flows and strengthen economic cooperation between member countries.
