On October 1, the Minister of Commerce Zhong Shan held talks with the Commissioner of the Eurasian Economic Commission Nikishina in Hangzhou and they signed the Joint Declaration of Substantially Concluding the Negotiation of Trade and Economic Cooperation Agreement between China and the Eurasian Economic Union. This is the first important institutional arrangement on trade and economy reached between China and the Eurasian Economic Union (EEU) and is also a significant outcome of implementing the joint statement of docking the “Silk Road” Economic Belt construction with Eurasian Economic Union construction signed by Chinese President Xi Jinping and Russian President Putin in May 2015.

China and the EEU as well as its members are important partners with strong economic complementarity and substantial cooperation potential. The conclusion of the agreement is beneficial to China and the EEU members, which will further reduce non-tariff barriers to trade, improve trade facilitation, create favorable environment for industry development, promote the docking between the Belt and Road construction and EEU construction, and enhance a deeper trade and economic relationship with the EEU members.

On June 25, 2016, MOFCOM and the Eurasian Economic Commission launched the negotiation of trade and economic cooperation agreement officially. The agreement experienced five rounds of negotiations, three working group meetings and two ministerial discussions covering ten chapters, such as customs procedures and trade facilitation, IPR, department cooperation and government procurement, and new topics including e-commerce and competition.