PARANA, Argentina (TASS)—The member states of the Southern American Common market (MERCOSUR) intend to develop cooperation with the Eurasian Economic Union (EEU), the participants in the MERCOSUR summit held in the Argentine city of Parana said in a joint statement on Wednesday.
Minister of trade of the Eurasian Economic Union Andrey Slepnev who headed negotiations with Argentine colleagues told TASS previously that the sides “reached the general agreement on the need to start the preparation in the short run of a full-format legally binding agreement between the two unions that will form a new regulatory framework for trade between the MERCOSUR and EEU members.”
MERCOSUR (bringing together Argentina, Brazil, Venezuela, Paraguay and Uruguay) and the Russian-led EEU together account for more than 7% of the world economy with the total population exceeding 0.5 billion people.
The newly formed EEU will start functioning in January 1, 2015. The Union brings together Russia, Belarus, Kazakhstan and Armenia, while Kyrgyzstan intends to join them in the near future.