Pakistan launches process for free trade deal with Eurasian Economic Union

Pakistan has launched the process of negotiating a free trade agreement with the Eurasian Economic Union (EAEU), with a deal potentially being reached within the next several months to two years, according to Pakistan's ambassador to Russia.

Speaking in an interview with TASS, Ambassador Faisal Niaz Tirmizi said discussions on establishing a free trade area are already underway following high-level talks between Pakistan's minister of commerce and the head of the EAEU.

Tirmizi said Pakistan views itself as a natural partner in the International North-South Transport Corridor and sees closer economic integration with the EAEU as a way to strengthen regional trade and connectivity.

He added that the proposed agreement would expand trade and business ties between Pakistan and EAEU member states, including Russia, Kazakhstan, Belarus and Kyrgyzstan.

According to the ambassador, Pakistan could increase imports of a wide range of goods from EAEU countries while also expanding exports to the bloc. He said stronger economic, business and people-to-people ties would contribute to regional economic and food security, as well as promote long-term peace and connectivity.

The Eurasian Economic Union is a regional economic bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. 

By Sabina Mammadli