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23 May 2019, 10:37

EAEU to establish partnership with Pacific Alliance

MOSCOW, 23 May (BelTA) – The Board of the Eurasian Economic Commission (EEC) has approved the draft declaration on partnership with the Pacific Alliance, BelTA learned from the EEC press service.

Founded in 2011, the Pacific Alliance is a rapidly developing association of four countries: Chile, Colombia, Mexico and Peru.

“Institutionalization of dialogue with the alliance creates the basis for interaction between the two integration associations with the aim to develop mutually beneficial areas of cooperation, including the possibilities of increasing the exports of the countries of the Eurasian Economic Union (EAEU) to Latin America, sharing experience in regional economic integration, simplifying trade procedures, reducing technical barriers in trade. The document will help involve in the dialogue Mexico and Colombia, with the governments of which the EEC has no systemic interaction. Bilateral memorandums of understanding have been earlier signed with Chile and Peru,” the EEC said.

The trade between the EAEU member states and the Pacific Alliance demonstrates sustainable positive dynamics. “Despite the overall decline in trade between the EAEU and third countries in 2014-2017, the trade with the Pacific Alliance states has soared 2.8 times since 2010, which proves a big potential for bilateral cooperation,” the EEC press service said.

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