Israel Poised To Sign Eurasian Economic Union Free Trade Agreement
Israeli Bilateral Trade With Armenia, Belarus & Russia Will Expand
Op/Ed by Chris Devonshire-Ellis
Israel’s Charge d’Affaires Yacov Livne has stated that the proposed Free Trade Agreement between the Russian-led Eurasian Economic Union (EAEU) and Israel may be concluded late this year. Speaking to Rossiya 24 TV on Friday he said “One important issue that we are addressing is a free-trade zone between Israel and the Eurasian Economic Union. I think there are all possibilities to finalize the talks this year, sign the agreement and implement it. That will also provide an important impetus to our bilateral economic relations.”
The EAEU includes Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan and effectively covers the land routes of the Belt & Road Initiative between China and the European Union.
China has agreed to an FTA with the EAEU however is still negotiating tariffs. In 2016, Vietnam officially became the first non-regional country to join the bloc, and has been followed by Singapore and Serbia. Several other countries are close to agreeing terms, including Cambodia, Thailand, Indonesia, Egypt, Pakistan and South Korea.
Bilateral trade between Israel and Russia exceeded US$5 billion in both 2018 and 2019 according to Jerusalem Affairs Minister Ze’ev Elkin, speaking at the Russia-Israel Business Dialogue Forum earlier this year. Bilateral trade between Israel and Armenia and Belarus in particular can also be expected to increase.
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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at email@example.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.