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Two Countries Cadmia And Palladia Have Formed A Free Trade Agreement

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In general, the supply of industrial and agricultural products may be of mutual interest to the partnership between eaEU and Indonesia. The conclusion of the free trade agreement will ensure $1.4 billion in trade growth between Indonesia and the “five” Eurasian countries. The favourable trade regime that can be put in place if a free trade agreement between the EAEU is signed and Mongolia will help remove barriers to technical regulation, customs procedures and other areas, opening the floodgates for further development of cooperation, including the regional component. The EEC estimates that total mutual trade could increase by $250 million. A possible increase in the supply of industrial products from the EAEU countries to Mongolia may be accompanied, among other things, by an increase in purchases of environmentally friendly agricultural products from that state. “In addition to the potential for developing trade between our countries, in the midst of removing and removing barriers to customs and non-tariff protection, all experts who join the JRG will examine in detail the current state of trade and economic relations between our countries and make recommendations on a wide range of issues. We are awaiting an assessment of the current state of investment cooperation and proposals on how to deepen cooperation between the economic actors of our countries in the context of projects of common interest and within the framework of the broader mission of infrastructure creation and harmonization of rules in the future region of Eurasia, taking into account Indonesia`s role in ASEAN. added Andrey Slepnev. “In September 2019, the Council instructed the Commission to identify the new potential partners of the EAEU under the free trade agreements. As part of their implementation, the EEC and EAEU experts, along with a number of trading partners, have carried out important preliminary work to assess their interest in continuing to examine the prospects for a free trade system. At present, we and our colleagues in Ulabaatar and Jakarta have not only recognized such an interest, but we have also agreed on a number of issues that need to be thoroughly examined by the experts of our countries in JRG format,” said Andrey Slepnev, EEC Board Member – Minister of Trade. The Council of the Eurasian Economic Commission has decided to set up joint research groups (JRG) to discuss the appropriateness of concluding free trade agreements with Mongolia and Indonesia. According to experts, trade and economic relations with these countries have considerable undeveloped potential.

In return, Indonesia is the fourth most populous country in the world and the largest market by volume among ASEAN countries. The economy of this state belongs to the agro-industrial type and is one of the most promising in developing countries. Today, Russia and Indonesia are discussing investment projects for truck supply and cooperation in the energy and space sector. The Republic of Belarus provides trucks and agricultural machinery, working in the field of industrial cooperation, health care and infrastructure. This is why, despite the relatively small size of the Mongolian economy, mongolian has historically developed links with the EAEU.

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