The Eurasian Economic Union (EAEU) is holding talks on the free trade zone with about 40 countries, Russian Prime Minister Dmitry Medvedev said on Monday at Foreign Investment Advisory Council’s meeting.

“The first agreement on the free trade zone with Vietnam came into force just recently, on October 4. Negotiations are underway with the whole range of other countries, up to 40 countries participating in total. Clearly not all negotiations will end with execution of documents soon but nevertheless the potential of creating free trade zones and appropriate participation on the Russian market and entry on other markets is generally clear,” Medvedev said.

Companies focusing on localization of production in Russia will have a material gain in strategic terms, the Prime Minister said. These products will be competitive not merely on the Russian market but on the Eurasian Economic Union’s market at large, he added.

“Secondly, we plan to complete harmonization of customs and tariffs policy soon within the framework of the Eurasian [Economic] Union. This is to maximize advantages for those who already localized their production within the Union and within free trade zones to be created with other countries,” Medvedev said.