The Eurasian Economic Union (EEU) and the Common Market of South America (Mercosur) will develop full-format economic collaboration.

Experts from the two alliances have already practically prepared the memorandum of cooperation. The Eurasian Economic Commission Minister for Trade, Andrei Slepnyov, informed this while summing up the results of the respective talks that were held in the Argentine capital city of Buenos Aires, reported RIA Novosti news agency of Russia.

“The process will enable to eliminate mutual trade barriers and to find new opportunities for cooperation, joint production,” Slepnyov noted.

“Both blocs are at the expansion and consolidation phase. Armenia will become an EEU member in January, subsequently, Kyrgyzstan, and Mercosur will expand in the future, on account of Bolivia’s membership,” stated Victor Koronelli, the ambassador of Russia in Argentina, for his part.