19 July 2019, Friday, 20:27
We are in the same boat

Zimbabwe asks in free-trade zone with Belarus and Russia


The Republic of Zimbabwe has applied for joining the free-trade zone with the Eurasian Economic Union.

It is reported by Interfax with a reference to an informed source. The interlocutor of the agency noted that 30 such applications have been submitted to the Eurasian Economic Commission (the supranational body of the EEU), for example, from Jordan, Syria, Mongolia and Albania. He explained that the applications are considered by the commission. The negotiation process is launched agreement when approved by all members of the EEU.

In May the Free trade zone was joined by Vietnam. Now its admission is being ratified by other members of the zone.

The EEU is an international economic association. Its aim is to carry out a coordinated economic policy and creation of a zone of free movement of goods, services, capital and workforce. The agreement on launching the EEU was signed on May 29, 2014 in Astana and came into force on January 1, 2015. The members of the union are Russia, Belarus, Kazakhstan and Armenia; on May 21 Kazakhstan joined the EEU.

Zimbabwe is a state in South Africa. In recent years the country entered a grave financial crisis. As a result of an unsuccessful land reform, Zimbabwe turned from an exporter of food supplies into an importer. One of the results of the changes was a spiraling inflation. At year-end 2007 the price rise was over 100,000 per cent.

It made the government to make money printing press and issue large denomination bank note notes. In summer 2008 a bank note of 100 billion Zimbabwe dollars was printed. Finally the authorities discarded the national currency and started using US dollars. On June 15, 2015 one US dollar cost 250,000 trillion Zimbabwe dollars.

Over the last 35 years Robert Mugabe remained the permanent leader of Zimbabwe. At the moment he is the oldest acting president in the world, he is 91. The next presidential election is to be held in 2018, and Mugabe plans to run in the elections.