PM MEDVEDEV SUGGESTS FREE TRADE ZONE BETWEEN THAILAND, EEU

(c) Sputnik/ Alexander Astafiev
BUSINESS
18:02 08.04.2015(updated 18:11 08.04.2015) Get short URL
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Russian Prime Minister Dmitry Medvedev wants to have a free-trade
zone between Thailand and the Eurasian Economic Union (EEU). The
prime minister said now everything depends on Thailand’s decision.

BANGKOK (Sputnik) — A free trade zone between Thailand and the
Eurasian Economic Union (EEU) may be established following a similar
move with Vietnam, Russian Prime Minister Dmitry Medvedev said
Wednesday during his visit to Thailand.

“Today I suggested to my counterpart [Thai Prime Minister Prayut
Chan-o-cha]… to think about the possibility of creating a free trade
zone using the same principles by which we’ve practically already
created a similar zone with Vietnam,” Medvedev said in an interview
with the Thai media corporation Nation.

(c) SPUTNIK/ ALEXANDER ASTAFYEV Vietnam to Join Free Trade Area with
Russian-led Economic Bloc Medvedev said that everything now depends
on Thailand’s decision.

The Russian prime minister also asked Thailand’s businesses to consider
the opportunities offered by Russia’s Far East.

“We are developing our Far East… We have established a legal
structure called the ‘territory of priority development.’ It’s
essentially a preferential zone with special taxation, a simplified
tax regime, simplified land transfers, etc.,” Medvedev said, adding
that this might be of interest to Russia’s Thai partners.

The EEU, established on January 1, 2015 to aid economic integration,
aims to achieve the free flow of goods, services, capital and labor
across its member countries.

Current EEA member countries include Russia, Armenia, Belarus and
Kazakhstan, with Kyrgyzstan expected to receive full membership soon.

On Monday, Vietnamese Prime Minister Nguyen Tan Dung said that Hanoi
plans to sign an agreement with the Eurasian Economic Union (EEU)
on the establishment of a free trade zone by the middle of year 2015.

The proposed free trade agreement with Vietnam will be the first of
its kind for the EEU.

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