Leaders of the Eurasian Economic Union (EAEU), Iran and Singapore will convene today for the first day of the regular session of the Supreme Eurasian Economic Council.
The signing of a new free trade agreement will top the agenda
Both the Framework and Non-Services & Investment Agreement and the Armenia-Singapore Services & Investment Agreement will serve as benchmark agreements for cooperation between the EAEU and ASEAN.
The Eurasian Economic Union has sought to expand into the ASEAN sphere in states like Kazakhstan and Kyrgyzstan to balance and diversify against China’s growing Belt & Road Initiative.
An example of EUEA’s efforts to create a common market with ASEAN states is the Transit Potential of the Eurasian Continent initiative.
The initiative will implement large-scale infrastructure projects and transportation networks that connect Central Asia, Southeast Asia and the Middle East.
China is ASEAN’s biggest economic partner behind the United States. Additionally, China is the largest trading partner of each of the five countries that make up the Eurasian Economic Union.
While further steps are forecasted to strengthen economic ties between the EUEA and ASEAN, it is unlikely that business with China will waver for either of these blocs.