"It would be important to consider the possibility of establishing a free trade zone between Malaysia and the Eurasian Economic Union, because such a mechanism, as I suppose, will also allow us to increase the volumes of mutual trade and increase investment," Razak said at a meeting with Russian President Vladimir Putin during the Russia-ASEAN summit in Sochi.
He added that Malaysia is pleased with the way its cooperation with Russia is developing, even though a decline in bilateral trade, caused by some external factors, was detected during the first two months of 2016.
"We need to seek ways to increase bilateral trade," Razak said, adding that the two countries should pay particular attention to the tourism, which should also be increased.
The Eurasian Economic Union is an international organization for economic integration launched in 2015, with Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia as its member states. Over 40 countries and international organizations, including Indonesia, India, China, Thailand, Cambodia and Israel, have expressed a desire to create a trade zone with the EEU. Last May, Vietnam and the EEU signed a trade agreement.
