What is Free-Trade Area

One of the trends in the development of modern trade relations is the increase in the number of concluded preferential trade agreements (PTA), which are considered to be a tool for reducing tariffs and, as a consequence, reducing the costs of entering the domestic market of the partner country. Although the Eurasian Economic Union (EAEU) has made only the first steps on the way towards its development. The EAEU has already managed to create a free trade zone with Vietnam, some agreements have been signed with Iran and China. Each of these agreements has its own specifics. The purpose of this chapter is to identify the economic feasibility and political significance of these preferential trade agreements for the countries of the EAEU and their external partners, as well as to determine the potential expansion of the network of preferential trade agreements of the EAEU.