Azerbaijan’s joining of Eurasian Economic Union still under discussion

Photo: Azerbaijan’s joining of Eurasian Economic Union still under discussion 
 / Economy news

Baku, Azerbaijan, June 2

By Emin Aliyev - Trend:

Azerbaijan may consider joining the Eurasian Economic Union (EAU), Russian Economic Development Minister Alexei Ulyukayev told reporters in Baku on June 2.

The EAU provides significant economic benefits, the minister added.

"Of course, there are some political issues aside from the economic ones, but I think that there are no issues that can not be solved," he said.

The Russian minister went on to add that the EAU, like other forms of integration, is free and open for participation.

"We talked about it, and this issue is still under discussion. From my point of view, Azerbaijan's participation in these agreements would be logical and correct. Azerbaijan enjoys the free trade regime of the CIS. We need to continue moving in this direction. The EAU is not just a free market of goods, but also of services, investments, and labor force. This is a protection for business and labor," the Russian minister said.

He also said Azerbaijan cooperates with not only Russia but also the regions in the Russian Federation.

Ulyukayev went on to add that a business forum is to be held in Gabala sometime after June 20, with participation of Russian regions, and will be an example of this cooperation.

The EAU is an economic union replacing the abolished Eurasian Economic Community (EurAsEC) as of January 1, 2015.

EAU territory will exceed 20 million square kilometers, and the population living on this territory will be around 170 million.

The tripartite agreement on the EAU's establishment was signed on May 29, 2014 at a summit in Astana, Kazakhstan.

The sole financial regulator of the Eurasian Economic Union will start working in 2025, and its headquarters will be in Almaty, Kazakhstan.

Edited by CN

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