Although the declaration does not specify how these general objectives will be achieved, it is possible that a free trade agreement could be concluded, either between the nations concerned or, perhaps, in order to make each of them more attractive, to divide such an agreement into the existing Eurasian Economic Union (EAEU). The EAEU is a Moscow-derived initiative that encompasses Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, and is located on a territory stretching from the borders of the European Union to china`s borders. It has a population of 390 million and a GDP of 1900 billion dollars. Intra-EAEU trade has increased by 30% per year. The EAEU is a free trade bloc, a structure that China has not developed as part of its own free trade agenda. Although the proposed pan-Asian PANEP agreement is considered by some quarters to be led by China, it is imprecise – it was first proposed by ASEAN and was widely supported by Japan. On free trade, China has focused instead on bilateral free trade agreements and has also launched the Belt-Road initiative – although not a free trade area – or DIE BRICS. The BRICS must enter into a kind of free trade agreement, it becomes more urgent now that Member States have agreed on the need to “increase economic growth”. It is clear that greater harmonisation needs to be achieved between the BRICS with regard to bilateral agreements, some of which still need to be clarified if the bloc`s ambition to increase trade between them is taken into account. These agreements do not yet include free trade agreements between Brazil, China, India and Russia; China with India and South Africa. China is also seeking Africa to supply goods and products, while Russia is again trying to relocate its production to other emerging markets and access markets it has lost as a result of SANCTIONS imposed by the United States and the EU. Given the increasing politicization and polarization of U.S.
trade with South America, this may well prove that the EAEU offers an existing bloc that could live up to all parties. However, a summit in July 2015 showed that there is a future for this multilateral trade agreement. Of the different results, three were the most striking. In July 2014, the Governor of the Central Bank of Russia, Elvira Nabiullina, stated that “BRICS partners have put in place a system of multilateral swaps that allow resources to be transferred to a particular country if necessary,” in an article that concluded that “if the current trend continues, the dollar will soon be abandoned by most of the world`s major economies and it will be launched out of global trade finance.”  However, the establishment of free trade between BRICS members and the Eurasian Economic Union remains interesting. The EAEU has already indicated that it is ready to sign agreements with non-Eurasian countries and Morocco, Egypt, Mozambique and Namibia (border countries with BRICS member South Africa) are currently on the agenda. Russia has developed free trade zones in Africa and Asia, and China has done the same – I wrote in the article about how foreign investors can benefit from China`s Belt-Road initiative in Africa Despite the current partial lack of free trade links, it is clear that steps are also being taken to address it.