Time in Yerevan: 11:07:36,   16 November

Eurasian Economic Union members have positive attitude towards negotiations on creating Free Trade Zone between Union and Syria: EEC

YEREVAN, JULY 21, ARMENPRESS. The authorities of Syria and the Russian Federation hold negotiations on the possibility of the Syrian Arab Republic of entering the Eurasian Economic Union Free Trade Zone. Armenpress reports, referring to Ria Novosti, that the aforementioned was announced by Wael Nader Al-Halqi’s, the Prime Minister of Syria.

The Eurasian Economic Commission announced that all the members of the Eurasian Economic Union have a positive attitude towards the negotiations on creating a Free Trade Zone between the Union and Syria.

The EEC representative told the news agency:

“Now we are looking forward to the stabilization of the political situation in Syria to start these negotiations.”

The Eurasian Economic Union (EAEU or EEU) is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EEU was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015.  Treaties aiming for Armenia's and Kyrgyzstan's accession to the Eurasian Economic Union were signed on 9 October 2014 and 23 December, respectively. Armenia's accession treaty came into force on 2 January 2015. Kyrgyzstan's accession treaty will not come into force until it has been ratified, but it participated in the EEU from the day of its establishment as an acceding state.

In 1994, the President of Kazakhstan, Nursultan Nazarbayev, first suggested the idea of creating a regional trading bloc during a speech at Moscow State University. Numerous treaties were subsequently signed to establish the trading bloc gradually. Many politicians, philosophers and political scientists have since called for further integration towards a political, military and cultural union. However, modern-day Kazakhstan has insisted the union stay purely economic as it seeks to keep its independence and sovereignty intact.

The Eurasian Economic Union has an integrated single market of 176 million people and a gross domestic product of over 4 trillion U.S. dollars (PPP). The EEU introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future. The union operates through supranational and intergovernmental institutions. The supranational institutions are the Eurasian Commission (the executive body), the Court of the EEU (the judicial body) and the Eurasian Development Bank. National governments are usually represented by the Eurasian Commission's Council. In addition, all member states participate in the Collective Security Treaty Organization, an intergovernmental mutual defense alliance.


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