Free Trade Agreement China / Eurasian Economic Union (UEEA)
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Theme: |
International trade |
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Country: |
CHINA/UEEA |
After launching its own free trade area in early 2015 (cf. International atmosphere of February 2015The EUEA is beginning to sign trade agreements with other countries: Vietnam in May 2015, the China andIran most recently, and negotiations are under way withIndia,Indonesia, the Turkey or Singapore.
This vast economic zone represents a market of 183 million consumers with an average annual income of USD 13,150/inhabitant.China, because of its geographical position close to the bloc, immediately understood the interest of signing an agreement to improve and intensify its trade.
The agreement whichcovers various topics such as customs cooperation, the trade facilitation, the intellectual property rights, inter-sectoral cooperation and public procurement could enter into force in early 2019.
For now, no chapter deals with reduction of customs duties This may be the subject of an amendment in the light of developments in cooperation.
By this new privileged partnership, China is giving a real boost to its New Silk Roads : simplified customs clearance procedures, progressively abolished non-tariff barriers, etc. Railway links (cf.International atmosphere of April 2016) and roadways (cf.News from May 2018) between China and Europe should be greatly facilitated by the reduction of administrative barriers during cross-border crossings with EUEA member countries.
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