The Eurasian Economic Commission (EEC) does not plan to create a free trade zone with Indonesia by September. Earlier, the newspaper Izvestia wrote about this with reference to the head of the Ministry of Trade of Indonesia, Muhammad Lutfi, now the interview has been corrected. The EEC announced that it is planned to complete a study on the feasibility of creating a free trade zone by September.
“With regard to the prospects for concluding a free trade agreement, we aim to complete by September this year the work of a joint research group to study the feasibility of concluding such an agreement and its possible effects,” the EEC Minister of Trade said in a statement following a meeting with the Indonesian Minister of Trade. It is given in the message of the press service, which was received by Kommersant.
As part of the study, experts will study the state of trade and economic relations between countries, the benefits and risks for economies in the transition to a free trade regime. After that, the conclusions will be presented to the Supreme Eurasian Economic Council.
The EAEU includes Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. A free trade agreement between the EAEU and Vietnam is currently in force, and a similar agreement with Serbia will enter into force on July 10. The agreement with Singapore is undergoing ratification procedures. Negotiations on the creation of a free trade zone are under way with Egypt, Israel, India and Iran. An interim agreement is currently in force with Iran, which will lead to the formation of a free trade zone. In addition to Indonesia, a joint study on the risks and benefits of establishing a free trade area is under way with Mongolia.