Israel seeks deal on free trade zone with EEU: Minister

PanARMENIAN.Net - Israel is interested in signing an agreement on a free trade zone with the Eurasian Economic Union (EEU) as soon as possible, the country’s Minister of Immigrant Absorption told reporters on Wednesday, October 28, Prime reports.

"We believe the agreement will boost Israel’s economy," said Zeev Elkin, who also co-chairs the Russian-Israeli inter-governmental commission.

"I think there is no reason to delay this," he said. “We are sincerely interested in establishing a free trade zone. We offer the Russian side to launch talks in early 2016 and hold at least two rounds of negotiations that year.”

The Israeli politician failed to name an exact date for reaching the deal. "It depends on a number of issues but the agreement may be signed in about two years, if everything goes well," he said.

The Supreme Eurasian Economic Council adopted a decision in mid-October confirming the launch of talks on the formation of creating the free trade zone.

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.