The Greater Europe Diplomatic School took place during the forum “Greater Europe Meetings: Paris 2016”. Within the framework of this school, young participants from 20 different European countries drafted a Memorandum on cooperation between the European Union and the Eurasian Economic Union. This memorandum is available to view below.

MEMORANDUM

of understanding between the European Union and the Eurasian Economic Union,

hereafter jointly referred to as the «Parties»,

RECOGNISING the importance of mending relations between the Parties; and that of good faith in international relations;

DESIRING to create favorable conditions for the development and diversification of trade between them and for the promotion of commercial and economic cooperation in areas of common interest on the basis of equality, mutual benefit, non-discrimination and international law;

EMPHASISING the significant potential to advance economic relations by further developing the framework for trade and investment;

ACKNOWLEDGING the important role and contribution of investments in enhancing trade and cooperation between the Parties and the need to further promote and facilitate cooperation and greater business opportunities provided by this Memorandum;

DESIRING to create a base for establishing a free trade zone in a long-term;

HAVE JOINTLY AGREED AS FOLLOWS WITH THE OBJECTIVES:

1.   OBJECTIVES

The objectives of this Memorandum are to enhance bilateral relations and to come up with the road map for establishment of Free Trade Zone in the next 10 years.

In order to achieve this, the sides will:

1. Establish the Working Group for Cooperation and Transparency between the European Union (EC-further) and the Eurasian Economic Union (EAEU – further) to meet four times a year to promote mutual understanding and deep economic collaboration, meaning

Ø  Harmonization the law and standards of the both Parties;

Ø  Creation the base for the cooperation between business entities by establishing annual Minsk Economic Forum;

Ø  Simplification customs procedures and gradual reduction of tariff and non-tariff barriers between Parties.

2. Create an information-exchange platform that is managed by the EU and EAEU on equal terms for moving to a common vision of trade and economic cooperation in a long-term prospective.

3. Launch a negotiation process of eliminating existing restricting measures in bilateral trade regime.

4. Commit to greater investment and exchange of technologies in modernization of agricultural markets of both Parties.

5. Promote transparency in energy and industry through the commitments to the implementation of competition standards to future liberalization on the gas and oil industry.

6. Favour the future economic progression of the EAEU, in so far as this concerns the suspension of competition rules for SME on the condition that they do not abuse their dominant position. The Eurasian Court will have jurisdiction and proceedings may be brought by the EU commission as well as any EU companies who have been significantly affected. The law to be applied will be that of the ECJ.

7. Boost better access for consumers and business of digital goods and services across markets of the EU and EAEU.

8. Strengthen common corporate framework and protection of intellectual property rights.