Russia suggests that efforts on legal harmonization in the economy should be continued in the Eurasian Economic Union (EAEU), Russian President Vladimir Putin said at the meeting of the Supreme Eurasian Economic Council on Wednesday.

Axar.az reports citing TASS.

"Legal harmonization in the economy requires more coordinated joint efforts. We consider it necessary to continue focusing on harmonization of administrative rules and procedures, on lifting the remaining non-tariff barriers, easing the bureaucratic burden on business," he said.

According to the president, it is necessary to continue improving the coordination of the member-states’ policy in key areas and sectors, fully implement the decisions made within the EAEU on introduction of supra-national regulation in the banking and financial sector, medicine and pharmaceutical industry, transport, oil and gas field.

"We still have disputes and discussions here, but overall the decisions have been taken and should only be implemented," he said.

Putin expects the number of countries having free trade zone agreements with the EAEU to go up.

"The circle of international trade partners of the Eurasian (Economic) Union is constantly expanding. Today we will decide on signing of a free trade zone agreement with Serbia," he said at the meeting of the Supreme Eurasian Economic Council on Wednesday. The talks on a similar document with Singapore, which is recognized as the world’s most competitive economy, are at their final stage now, Putin said. "The ratification of a temporary agreement with Iran is being finalized. We hope that the work with Israel, Egypt, India will be as dynamic," he added.

President suggests that the expansion of ties with other countries, primarily with nearest neighbors, is the focal area for EAEU. He also urged to develop cooperation between the Union and the dynamic economies of the Asian-Pacific Region.