The EU has signed a first free trade agreement[155] with Vietnam, which is expected to enter into force in October 2016, after ratification by all parties. [156] [157] The main export products in EAEU`s trade with China are crude oil, including natural gas condensates (18.6 per cent of EAEU exports), sawn wood (48.3%), coal (12.7%), refined copper and copper alloys (26.3%), turboprops and turboprops, gas turbines (62.5%), raw wood (76.4%) copper ores and concentrates (68.6 per cent). Major imports include communication equipment and spare parts for these devices (China accounts for 64.5% of imports from EAEU countries), automatic information processing computers (63.4%), thermal materials (63.4%). 47.6 per cent, car and tractor parts and accessories (15.3 per cent), toys (80.3 per cent) as well as shoes with rubber or plastic sole and top (84.9 per cent). BELGRADE, Serbia, November 4 (SeeNews) – The Federation Council, the upper house of the Russian Parliament, has said it has ratified Serbia`s free trade agreement with the Eurasian Economic Union (EAEU). Tensions between the EAEU and the European Union (EU) have emerged, both of which have attempted to deepen their relations with several former Soviet republics. The EU has signed free trade agreements with Ukraine, Moldova and Georgia. However, the separatists of the three countries support closer relations with Russia. Both Russia and the EU have urged Ukraine to join their respective economic blocs, to the exclusion of others, which eventually led Ukraine to tear itself apart into two blocks of land [222], with the EU supporting a failed political solution before President Yanukovych fled to Russia[223] and Russia then annexed the Crimean peninsula (after a controversial referendum) and supported the separatists in eastern Ukraine. [224] [225] In response, some EU Member States have tried to find alternatives to Russian gas, while others have expressed support for the construction of the South Stream gas pipeline bypassing Ukraine. Subsequently, construction of the pipeline, which had already begun, was abandoned under US sanctions against Russia and pressure on the EU. Analysts believe Russia supports the Eurasian Economic Union to limit Western influence in the region. [226] The union is actively working to increase trade with East Asia.
It has begun discussions for formal trade cooperation with aSEAN. Officials from both unions discussed opportunities to develop cooperation between them. [170] The South Korean President has launched a „Eurasian initiative” to link transport, electricity, gas and oil links between Western Europe and East Asia. [171] [172] The initiative recalls China`s long-standing „New Silk Road” project. [173] EU members agreed to intensify discussions with Vietnam on the creation of a free trade area, strengthen cooperation with China, including the exchange of information on goods and services, and establish expert groups on the development of preferential trade regimes with Israel and India. [174] The agreements with the agreements have economic benefits for the countries of the Union and Serbia, both in the near future, on the basis of immediate savings on current export tariffs, and in the medium term – in terms of the implementation of export opportunities linked to the extension of the free trade regime. After completing a feasibility study of the free trade agreement for Vietnam in November 2012[158] the customs union of the time, which later became the EAEU, decided to continue negotiations. Negotiations on the Free Trade Agreement began in early 2013 and lasted about two years – on 29 May 2015, the agreement was signed by the prime ministers of all parties, who then had to be ratified by the parties. Trade between Vietnam and the Customs Union amounted to $2.24 billion in 2011. [159] While the trading bloc wants to take advantage of the growing economies of East Asia, Russia has
