Two Countries Cadmia And Palladia Have Formed A Free Trade Agreement
Indonesia, on the other hand, is the fourth most populous country in the world and the largest market by volume among ASEAN countries. The economy of this state is part of the agro-industrial type and is one of the most promising among developing countries. Today, Russia and Indonesia are discussing investment projects for the supply of trucks and cooperation in the energy and space sector. The Republic of Belarus provides trucks and agricultural machinery, works in the field of industrial cooperation, health and infrastructure projects. The Council of the Eurasian Economic Commission decided to set up Joint Research Groups (JCCs) to examine the desirability of concluding free trade agreements with Mongolia and Indonesia. According to experts, trade and economic relations with these countries have considerable untapped potential. The favourable trade regime that can be established in the event of the signing of a free trade agreement between EAWU and Mongolia will help to remove obstacles to technical regulations, customs procedures and other areas, thus opening the floodgates for the further development of cooperation, including the regional component. According to UNECE estimates, total mutual trade could increase by $250 million. A possible increase in Mongolia`s supply of industrial products from EMU countries may be accompanied, inter alia, by an increase in purchases of environmentally friendly agricultural products from that State.
„In September 2019, the Council instructed the Commission to identify potential new EAWU partners under free trade agreements. As part of the implementation, experts from UNECE and UEE countries carried out important preparatory work with a number of trading partners to assess their mutual interest in further exploring the prospects for the establishment of a free trade system. At present, we and our colleagues from Ulabaatar and Jakarta have not only seen such mutual interest, but we have also agreed on a number of issues that will be discussed in detail by experts from our countries in JRG format,“ said Andrey Slepnev, member of the Board of Directors – Minister of Trade of the EEC. In general, the supply of industrial and agricultural products can be of mutual interest to the partnership between EAWU and Indonesia. The conclusion of the free trade agreement can guarantee a $1.4 billion growth in trade between Indonesia and the „five“ Eurasian countries. That is why, despite the relatively small size of the Mongolian economy, this country has historically developed relations with the EAWU. As a geographical neighbour of the Union, Mongolia is implementing a series of major joint investment projects with its Member States. Currently, they are discussing in particular projects for the development of ulalanlan railways, the supply of railway wagons in Mongolia, cooperation in the fields of civil aviation, electrical energy, the use of underground resources, the automation of public administration and road construction.
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