The free trade area (FTA) between the members of the Eurasian Economic Union (EAEU) and the Association of the Southeast Asian Nations (ASEAN) will be established in the next three years.

The information was released by Russian Minister of Economic Development Alexei Ulyukayev on August 5 after the Russian and ASEAN economic and trade ministers met in Laos’ capital city of Vientiane.

Russian Minister of Economic Development Alexei Ulyukayev. Photo: Bloomberg

The announcement to establish an FTA between ASEAN and the EAEU was made at the Russia-ASEAN Summit in Sochi in May 2016, but the ministers of participating countries have just agreed to start the work.

The minister stressed that agreements reached at Sochi will play a key role to develop the FTA, adding that an EAEU-ASEAN study group will be formed under the guidance of “leading leaders” to ensure an effective outcome.

Currently, all involved countries are interested in the project, however some ASEAN countries need more information about the EAEU cooperation mechanism, he added.

Vietnam is the first country in ASEAN to sign a free trade agreement with the EAEU, which comprises Russia, Kazakhstan, Armenia, Belarus and Tajikistan.

Source: VNA