China-EAEU Trade Share Increases By 20% In 2020

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China’s share in the foreign trade turnover of member-states of the Eurasian Economic Union (EAEU) increased to 20% from January to August of this year, Chinese Vice-Minister of Commerce Wang Shouwen said on Tuesday. The EAEU comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia and sits in between China and the European Union.

Wang stated: “The Chinese share in the EAEU foreign trade increased to 20%, strengthening the position of China as the largest trading partner of the Union”.

Chinese investments into the EAEU also grew over this period and have reached US$710 million this 2020 YTD, a 7.9% year-on-year improvement. These figures are sure to grow as and when China agrees tariff reductions with the EAEU as part of the Free Trade Agreement it signed off in 2018. Negotiations on the issue are still on-going. Currently, Iran, Serbia, Singapore and Vietnam have Free Trade Agreements with the EAEU while numerous other countries, including many ASEAN nations and India are discussing the same.

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