China and EAEU agree on economic cooperation

The Eurasian Economic Union (EAEU) and China have signed a treaty on trade and economic cooperation in Astana on May 17, where the Global Challenges Summit has kicked off today.

The document was signed by the head of the Eurasian Economic Commission Tigran Sargsyan and a representative of the Chinese Commerce Ministry Fu Ziying.

The agreement is aimed at improving the access of goods to the Chinese market through regulations on limiting trade procedures, raising the level of transparency and boosting the level of cooperation in all trade spheres.

It is worth mentioning that previously Kazakh National Economy Minister Timur Suleymanov said that the agreement is non-preferential and does not envisage lifting duties or automatic decrease of non-tariff barriers.

The talks were held on the basis of a decision of the Supreme Eurasian Economic Council of May 8, 2015. Representatives of the Eurasian Economic Commission, national governments of the union, as well as experts and officials from Chinese governmental agencies.