WTO members review regional trade agreements covering EU, Ghana and EAEU

WTO members reviewed the interim Economic Partnership Agreement between the European Union and Ghana at the 19 November meeting of the Committee on Regional Trade Agreements. Members also considered the Eurasian Economic Union (EAEU) treaty and EAEU accessions of Armenia and the Kyrgyz Republic.
Members also considered three regional trade agreements relating to the EAEU: the EAEU treaty, the accession of Armenia and the accession of the Kyrgyz Republic to the EAEU. The EAEU was established on 1 January 2015, at which time it was composed of Belarus, Kazakhstan and the Russian Federation. Armenia and the Kyrgyz Republic acceded to the EAEU on 2 January 2015 and 12 August 2015 respectively. All EAEU members are part of the WTO, save for Belarus which is in the process of acceding to the organization. Armenia and the Kyrgyz Republic are currently renegotiating their bound tariffs at the WTO to account for changes arising from their accession to the EAEU while Kazakhstan will start doing so in 2023.
The EAEU establishes a common market for goods, services, capital and labour as well as coordinated and agreed policies in different areas such as agriculture, energy and transport services. EAEU members apply a common external tariff to imports from third countries, subject to some exceptions applied by Armenia, Kazakhstan and the Kyrgyz Republic.
EAEU members spoke of the benefits of their regional integration at the meeting, noting that the market of the union represents 183 million consumers and a combined gross domestic product of US$ 1.8 trillion. The purpose of the EAEU is to increase competitiveness and increase the welfare of its members' populations. Decisions are made by consensus among the EAEU members and an EAEU court resolves disputes among member states. EAEU members also emphasized that their treaties and practices are consistent with WTO rules. Trade with third parties is also a strength for the EAEU and the union has already concluded free trade agreements with Viet Nam. Negotiations are ongoing with Singapore and Israel while those with Egypt and India are expected to start soon.