The Eurasian Economic Union (EAEU) will launch negotiations with Israel on creating a free trade zone.
The decision was made at a meeting of the Supreme Eurasian Economic Council on Friday.
Formed in January 2015, the EAEU boasts a common market comprised of five nations (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia), 176 million people, and a gross domestic product of 2.5 trillion dollars.
Trade between the regions has also been on the rise in the past years.
Since 2007, volume has more than doubled exceeding 20 billion in 2014. The size of the EAEU and its importance in world trade have not gone without notice.
More than 40 countries and international organizations have expressed interest in establishing a free trade zone with the EAEU — China, Indonesia, Thailand and Cambodia included.
The EAEU is the first integration association between countries of the former Soviet Union that is recognized by the global community.