17 Dec 2024 16:47

EAEU may sign agreements on free trade zones with UAE, Indonesia in 2025 - Russian minister

MOSCOW. Dec 17 (Interfax) - The Eurasian Economic Union (EAEU) may sign agreements on free trade zones with the UAE and Indonesia in 2025, Russian Economic Development Minister Maxim Reshetnikov said at a seminar on Russia's near-term external benchmarks in priority foreign markets at the Chamber of Commerce and Industry.

In addition, an agreement with Iran on a free trade zone will come into force in 2025 following ratification procedures, Reshetnikov said.

As a result, the amount of Russian exports falling under the preferential regime will grow in 2025 from 6.7 trillion rubles to 8.3 trillion rubles, he said.

"A preferential trade regime with the CIS countries, Vietnam and Serbia is currently in effect. An agreement with Iran will come into force next year - we're waiting for ratification by our partners. Negotiations with the UAE and Indonesia are at the finish line. After signing these agreements, and we expect that to happen next year, the amount of exports covered by preferences will grow from 6.7 trillion rubles to 8.3 billion rubles," he said.

Overall, exports "play a significant role in the country's development," he said. They account for a quarter of Russia's GDP. Exports should ensure 10% of economic growth over the next three years, he said.

The reorientation towards friendly countries' markets is ongoing. "They account for more than 80% of all trade turnover, whereas in 2021 it was less than half," Reshetnikov said.