Chile Latest Country To Express Interest In The Eurasian Economic Union

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Armenia currently holds the Chairmanship of the Eurasian Economic Union, the Free Trade Area that also includes Belarus, Kazakhstan, Kyrgyzstan and Russia, holding Free Trade Agreements with China, Iran, Vietnam, Serbia and Singapore.

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Consequently, the meeting this week between Armenia’s Deputy Foreign Minister Grigor Hovhannisyan and Chile’s Deputy Foreign Minister Rodrigo Yáñez Benitez took on a wider significance than the usual bilateral aspect.

Sure enough, the opportunities of using the platform of the Eurasian Economic Union were discussed, with Benitez noting that his country is interested in signing a free trade agreement with the Eurasian Economic Union. This would make Chile one of the first South American countries to join with the EAEU and would provide Chile with access to Russia and the EAEU nations, as well as vice-versa.

It also further underlines the efforts being made to align the Eurasian Economic Union with China’s Belt & Road Initiative – Chile has also signed up to this, as have Bolivia, Ecuador, Guyana, Surname and Venezuela. Chile also has a Double Tax Treaty with Russia – but not with China.

The EAEU has great significance in future global trade patterns as it effectively sits between China – which is still negotiating tariffs with the EAEU – and the European Union. For Chile to be part of that naturally extends the countries western outreach to Asia, while it also provides Russian and other EAEU member states access to a new South American market reachable via Vladivostok. It takes 38 days to ship from Vladivostok to Santiago de Chile.

 

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