Belt and Road spurs high-level cooperation

Priorities outlined

The two governments also set out the priorities for cooperation: expanding trade, maintaining stability, sustainable development and economic integration of the region, establishing joint industrial parks and transborder economic zones, improving connectivity and infrastructure, supporting small and medium-sized enterprises and conducting mutual financial transactions in national currencies.

The second phase of negotiations between Chinese and Russian representatives on the convergence between the BRI and the EAEU involved drawing up a list of joint infrastructure and transport projects, talks on harmonizing legal, technical and tariff regulations between the two economic areas and signing an agreement on trade and economic cooperation that would create the legal framework for mutual economic relations.

The second phase of collaboration culminated in the signing of the agreement on trade and economic cooperation between China and the EAEU in May 2018. The agreement regulates 13 areas, including customs and trade procedures, intellectual property protection, reduction of non-tariff barriers and support for e-commerce, transparency and information exchange.