BEIJING, Dec. 11 (Xinhua) -- An economic and trade cooperation agreement signed between China and Eurasian Economic Union(EEU) in May officially came into force last Tuesday, according to a report on tazabek.kg, a Kyrgyz media, on December 6.
The agreement, signed during the Astana Economic Forum in May, is aimed at further reducing non-tariff trade barriers, improving the level of trade facilitation, and creating a favorable environment for industrial development of the two sides. It covers 13 fields such as customs cooperation, trade facilitation, intellectual property and government procurement.
Under the agreement, the two sides will further simplify customs clearance procedures and reduce the cost of trade in goods by strengthening cooperation and information exchange.
Established in 2015, the EEU has five member including Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia, all of which are important partners of Belt and Road Initiative. In 2017, trade volume between China and member states of EEU reached 109.4 billion U.S. dollars.
(Edited by Baonuomin, baonuomin@xinhua.org)
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