In order to ensure sustainable economic growth for the Philippines, one of the most important pillars has always been fostering international trade and unlocking new exports markets.

With the coronavirus crisis not ending anytime soon, one untapped export market is the Eurasian Economic Union (EAEU), which is an economic union of states located in Eastern Europe, Western Asia, and Central Asia.

The Eurasian Economic Union has an integrated single market of 180 million people and a gross domestic product of over Int$5 trillion, and it has already undertaken free trade agreements with various countries, such as Ukraine, Moldova, Uzbekistan, Egypt, Tajikistan, Vietnam, China, Iran and Serbia.

In the case of Vietnam, it had first undertaken a feasibility study on the impact, benefits and costs of an FTA with the EAEU prior to proceeding to formal negotiations. Over the course of two-year negotiations, the FTA was signed in 2015.

The Vietnam FTA provides a good test case for the acceptability of the EAEU economic relationship not only with the Philippines but the rest of ASEAN.

Under the agreement, the EAEU will abolish import duties on 88 percent of goods. The remaining tariffs will be gradually reduced within 10 years. Goods that will enjoy tariff-free access to consumer markets within the Eurasian Union include agriculture produce, processed food, metals and construction materials.

On the other hand, Vietnam will eliminate import duties on 91 percent of goods originating from the EEU. Products such as meat, dairy products, tinned fish, flour, cereals, mechanical equipment, petroleum products and steel will enjoy zero-tariffs.

It has been noted that ASEAN has a lower GDP per capita of $4,600, compared to EAEU’s GDP per capita of $27,000.

With a GDP per capita multiple of almost 6x, consumers in the EAEU constitutes a vast and lucrative market for PH and ASEAN goods.

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Other ASEAN members are already negotiating an FTA with the EAEU, including Singapore, Indonesia, Cambodia and Thailand.

There is absolutely no reason for Manila to drag its feet in opening talks with the EAEU, at the very least at the level of undertaking feasibility studies on the prospects of a new economic cooperation.

Based on 2017 EAEU import data, the economic union imports mainly machinery and transport equipment from the ASEAN, followed by animal products, food, chemicals and other manufactured goods.

As a leading exporter of seafood products to various parts of the globe, there is huge potential for the country’s seafood sector in penetrating the EAEU market. More importantly, the Philippine remains one of the world top manufacturers of semiconductors and related equipment, such that it can grab a big chunk of the export pie by including EAEU importers as part of its customer base.

On the other hand, EAEU’s main export to the ASEAN has been mineral fuel and lubricants. At a time of growing tensions in many parts of the globe, ensuring energy security for the Philippines should be the paramount concern of government. BY unlocking petroleum supply agreements with EAEU states, we can ensure the best prices for the country’s petroleum imports without relying solely on traditional supply sources.

An FTA with the EAEU will most certainly boost tourism into the Philippines as well. Thailand has been a beneficiary of EAEU arrivals as it continues to attract increasing numbers of EAEU tourists. Some of their nationals have been investing in property and small businesses there. At present, tourist arrivals prior to the pandemic had been dominated by Chinese, Korean and Japanese visitors.

Further, with the country eagerly awaiting the supply of coronavirus vaccines from various sources, including Russia’s Sputnik V, an EAEU FTA with Manila should facilitate expedited and reliable supply of medicines which otherwise may be inaccessible or expensive from other sources.

Certainty, the process towards undertaking the PH-EAEU should start in the soonest time. As the world continues to battle the coronavirus pandemic, we should not lose sight of economic initiatives which can help the country not only respond to the health emergency, but also contribute to raise our economic growth and reduce poverty.