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Russia Supports the Creation of an Asian Free Trade Zone

As more and more countries are entering free trade agreements which encompass large regions all over the world, Russia is also considering creating a free trade area in Asia and the Pacific region which will help the economies of the states in these parts of the world. Considering APEC countries have contributed significantly to Russia’s foreign trade during the last few years, a free trade area would have a greater positive impact on the economies entering this zone. If you want to open a company here and need assistance, our law firm in Russia can guide you.

Russia’s foreign trade in Asia-Pacific rose from 23% to 31%

Russian companies in the trading sector deliver most of their goods to Asian-Pacific states which is why in 2017 the number of products and services exported there rose from 17% to 24%, while the foreign trade balance rose from 23% to 31% during the same period of time.

Russia is one of the most powerful economies in the region and a free trade zone which would integrate APEC (Asia-Pacific Economic Cooperation) states and the EAEU (Eurasian Economic Union) would benefit all the countries. Moreover, Russia has announced its intentions of enhancing cooperation with the countries in the region.

What would the free trade zone bring to Russia?

Vietnam is one of the most important economies in APEC and Russia’s relations with Vietnam are very close. The creation of a free zone between APEC and EAEU countries would mean increased cooperation with large states, but also with smaller ones which for Russia would lead to a larger market shares and new import/export opportunities.

Russia has already started discussions with China and Singapore with respect to deeper trade and economic cooperation and a new free trade agreement with ASEAN is close to signing.

Russia is very interested in the development of the Asia-Pacific region which would help with the creation of a large free trade zone through the implementation of the universal rules established by the World Trade Organization.

Foreign investors who want to set up businesses in Russia and need more information on the procedures related to company registration are invited to contact our local lawyers. You can also rely on our Russian lawyers for assistance in registering companies in this country.

 

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