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Prospects for Free Trade Between the Eurasian Economic Union and the European Union After the Sanctions
[journal article]
Abstract With growing US protectionism and uncertainties in the transatlantic relationship it is time for the EU to consider diversifying its external ties and look for other allies that support the idea of free trade gains and have a common interest in maintaining the international rules-based trading syste... view more
With growing US protectionism and uncertainties in the transatlantic relationship it is time for the EU to consider diversifying its external ties and look for other allies that support the idea of free trade gains and have a common interest in maintaining the international rules-based trading system. The Eurasian Economic Union (EEU) which shares a common neighbourhood and is a crucial supplier of raw materials interested in getting technology transfer represents a natural trading partner of the EU. While there are currently no political (sanctions against Russia) and legal (Belarus is not yet a WTO member) preconditions for starting free trade negotiations, given the high economic significance and positive security implications such a possibility should be considered. This paper undertakes a comprehensive assessment of the potential welfare effects of a possible future EU-EEU FTA based on the Sussex Framework. Such an analysis provides important information on bilateral trade patterns and insights on the economic implications that would be useful once sanctions are removed and bilateral trade relations normalized. The results show that in the long term the aim should be a deep and comprehensive free trade agreement that goes beyond mere removal of trade barriers which could however be a feasible first step.... view less
Keywords
free trade; economic agreement; commerce; economic union; EU; Asia; economic relations
Classification
International Relations, International Politics, Foreign Affairs, Development Policy
Free Keywords
Eurasian Economic Union; trade indicators; Sussex Framework
Document language
English
Publication Year
2019
Page/Pages
p. 345-369
Journal
Studia Politica: Romanian Political Science Review, 19 (2019) 3-4
ISSN
1582-4551
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 1.0