Eaeu Free Trade Agreement

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    The Eurasian Economic Union (EAEU) is a regional economic alliance between five post-Soviet countries, namely Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The EAEU free trade agreement (FTA) is a comprehensive agreement that came into force in 2016. In this article, we will explore what the agreement is, what it aims to achieve, and its potential impact on the member states and other countries in the global arena.

    What is the EAEU Free Trade Agreement?

    The EAEU FTA is a treaty that aims to promote free trade among the member states. It eliminates most tariffs and non-tariff barriers to trade in goods and services, such as customs duties, quotas, and technical standards. It also includes provisions on intellectual property rights, investment protection, competition policy, and dispute settlement.

    The agreement covers a wide range of sectors, including agriculture, energy, manufacturing, and services. It is designed to enhance economic integration and cooperation among the member states, boost their trade flows, and increase their global competitiveness. The EAEU FTA is a significant step towards creating a common market of 183 million people and a combined GDP of around $5 trillion.

    What are the Goals of the EAEU Free Trade Agreement?

    The EAEU FTA has several goals, including the following:

    1. Increase intra-union trade: The agreement aims to remove trade barriers between the member states, which will lead to an increase in the volume of trade within the union. By reducing transaction costs and promoting competition, the agreement is expected to boost trade flows and create new opportunities for businesses.

    2. Enhance member states` competitiveness: Through the FTA, the member states can access a larger market, which will encourage specialization and economies of scale. This will increase the competitiveness of their economies and help them to attract more foreign investment.

    3. Promote regional integration: The EAEU FTA is part of a larger effort to create a common economic space in the region. It is a stepping stone towards deeper integration, which could include a single currency, a common energy market, and a unified regulatory framework.

    What is the Potential Impact of the EAEU Free Trade Agreement?

    The EAEU FTA is expected to have a number of impacts on the member states and other countries in the global arena. Here are a few potential outcomes:

    1. Boost intra-union trade: The elimination of trade barriers among the member states will lead to an increase in the volume of trade within the union. This will benefit businesses that operate across the region and create new opportunities for trade.

    2. Attract more foreign investment: The agreement will make the member states more attractive to foreign investors, as they will have access to a larger market. This will encourage foreign direct investment and help to diversify their economies.

    3. Increase geopolitical influence: The EAEU is a significant player in the global arena, and the FTA will enhance its economic power. This could increase the geopolitical influence of the member states and strengthen their position in international relations.

    Conclusion

    The EAEU Free Trade Agreement is a comprehensive treaty that aims to promote free trade among the member states. It has several goals, including boosting intra-union trade, enhancing member states` competitiveness, and promoting regional integration. The agreement is expected to have a number of impacts on the member states and other countries in the global arena. It is a significant step towards creating a common market and a common economic space in the region, and its success could have far-reaching implications.