Eurasian Economic Union, Korea sign cooperation memorandum

Eurasian Economic Union, Korea sign cooperation memorandum

PanARMENIAN.Net - Minister of Trade of the Eurasian Economic Commission (EEC) Andrey Slepnev and South Korea's Minister of Trade, Industry and Energy Yoon Sang-jick signed a memorandum in Seoul on cooperation between the Eurasian Economic Union (EEU) and Korea, the Commission's website reports.

Based on the document, a permanent mechanism of cooperation between the EEU and Korea will be created. "We are building a special platform for discussing a wide range of issues concerning trade and economic cooperation, including measures to promote trade, technical regulations, tariff and non-tariff measures, as well as upsurge in innovation and investment activities," Slepnev said.

Also, during the meeting of the Ministers, a joint research by the Russian Academy of Foreign Trade and the Korea Institute for International Economic Policy was launched, aiming to develop the optimum formula for deepening cooperation between the EEU and Korea. "Institutions will be required to give concrete proposals for deepening trade-economic and investment cooperation between the parties," the EEU Minister said.

The Eurasian Economic Union is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EEU was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015. Treaties aiming for Armenia and Kyrgyzstan's accession to the Eurasian Economic Union were signed on October 9, 2014 and December 23, 2014, respectively. Armenia and Kyrgyzstan's accession treaties came into force on January 2, 2015 and August 6, 2015.

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