Eurasian Economic Union Trade Increases 33% January-May 2021

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Foreign trade increases 19% as new FTA begin to make an impact

By Chris Devonshire-Ellis

The first five months of the year have yielded positive results for intra-Eurasian Economic Union (EAEU) trade, which has increased by 33% compared with the same period last year.

The EAEU is a trade bloc that extends from the borders of the EU with Poland, Latvia and Lithuania and continues as a land mass to the borders of Western China. It includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia and has a GDP (PPP) of about US$5 trillion.

Foreign trade with the EAEU increased by 19% over the same period and totaled US$297.4 billion. The EAEU has recently signed free trade agreements with Iran, Serbia, and Singapore and has seen its FTA with Vietnam continue to expand in volume and scope. Additional agreements for EAEU free trade are currently being discussed with China, Egypt, and India amongst others.

Among the individual EAEU member states, Belarus posted a 58% increase in foreign trade with countries outside the EAEU, Armenia 18% and Russia 18%.

EAEU trade with the European Union accounted for 39% of the total trade volume, with Germany’s share about 8%, and the Netherlands about 6%. APEC accounted for 36% of the EAEU’s trade of which China’s share was 20%.

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