EEU is the Key: Russia, Israel Hope to Liberalize Trade in Coming Years

Signing a free trade deal between the Eurasian Economic Union and Israel would liberalize trade, Russia's ambassador said.

TEL AVIV (Sputnik) — Russia and Israel agree they need to liberalize trade between the Middle Eastern state and the Eurasian Economic Union (EEU), the Russian ambassador said in Tel Aviv.

"Both Russia and Israel understand clearly the need to create conditions for further liberalization of bilateral trade. Barriers can be abolished by signing a free trade deal between EEU states and Israel," Russian Ambassador to Israel Alexander Shein told RIA Novosti.

The Eurasian Economic Union is a Russia-spearheaded regional bloc which aims to streamline the flow of goods and services between its members, namely Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.

Shein described free trade as the main objective of Russian-Israeli cooperation and said Moscow hoped to see an agreement on it before long. Talks on an EEU-Israel free trade zone are expected to begin before the year ends, with first concrete arrangements anticipated in the next couple of years.

In 2015, trade turnover between the two states reached $2,343.8 million, having decreased by almost 30 percent, according to the Russian Federal Customs Service.