German Economists Reportedly Call for Free Trade Zone With Russia

© Flickr / Giampaolo SquarcinaEuropean Union will pay close attention to the region of Central Asia as it reviews its EU-Central Asia strategy during the forthcoming Latvian presidency of the European Council
European Union will pay close attention to the region of Central Asia as it reviews its EU-Central Asia strategy during the forthcoming Latvian presidency of the European Council - Sputnik International
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German Economists reportedly suggest that a free trade zone between the European Union and Russia could be beneficial.

MOSCOW, January 25 (Sputnik) – Economists in Germany suggest that a free trade zone between the European Union and Russia could be beneficial, especially in view of the Ukrainian crisis, German media report.

President of the Committee on Eastern European Economic Relations in Germany Eckhard Cordes told NDR (North German Broadcasting) Radio that a free trade zone with the Eurasian Economic Union (EEU) would make sense "from the political and economic perspective".

Meanwhile, Chief Executive of the Association of German Chambers of Industry and Commerce (DIHK) Martin Wansleben told the Passauer Neuen Presse newspaper that negotiations of a possible free trade zone between the European Union and EEU could be "a bridge" on the way to resolving the crisis in Ukraine.

European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini - Sputnik International
EU Considers Trade With Russia
On Friday, Egypt's Ambassador to Russia Mohammed Badri said that his country is interested in creating a free trade zone with EEU.

Meanwhile, Russian Deputy Foreign Minister Vasily Nebenzya said in an interview with RIA Novosti in December that about 40 countries and groups of states have officially declared their readiness to create a free trade zone with the union.

Russia, Belarus and Kazakhstan signed a treaty to establish EEU on May 29, 2014. Armenia joined the organization on October 10, while Kyrgyzstan signed its accession treaty on December 23.

The treaty replaced the Customs Union between Russia, Belarus and Kazakhstan and came into force on January 1, 2015.

EEU guarantees the free flow of goods, services, capital and labour, in addition to a coordinated energy, industrial, agricultural and transport policy among its member states. The union's ultimate objective is to establish a single economic market stretching from the European Union to China, serving over 170 million people.

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