15 Apr 2024 11:22

EAEU to start free trade area talks with Mongolia in early May

MOSCOW. April 15 (Interfax) - The Eurasian Economic Commission (EEC) Council has approved results of the joint research group's work on a free trade area agreement between the Eurasian Economic Union (EAEU) and Mongolia and a draft resolution of the Supreme Eurasian Economic Council on the start of respective negotiations.

"The heads of state are expected to approve the start of negotiations at a meeting of the Supreme Eurasian Economic Council on May 8, 2024," the Russian Economic Development Ministry's press service said after the EEC Council meeting.

The EEC research group said it would be advisable to conclude a temporary trade agreement with Mongolia.

The EEC said earlier that EAEU members and Mongolia planned to finalize the drafting of a temporary free trade area agreement to apply to a limited range of goods by the end of 2024.

Mongolia has observer status in the EAEU (comprising Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan). The EEC and the Mongolian government signed a cooperation agreement in June 2015, and a joint research group was established in 2020 to consider the advisability of a free trade area agreement.