BEIJING, Oct. 1 (Xinhua) -- China and the Eurasian Economic Union (EEU) have finished substantial negotiations on an economic and trade cooperation agreement, the Ministry of Commerce said Sunday in a statement.

Zhong Shan, China's commerce minister, signed a joint statement on the formal completion of the negotiations with the EEU trade minister Veronika Nikishina, on Sunday in Hangzhou, east China's Zhejiang Province.

This is the first important institutional agreement reached between China and the EEU in economic and trade field, according to the statement.

It is also an important result on pairing China's Silk Road Economic Belt initiative with the EEU.

China and the EEU members are highly complementary to each other in economy, enjoying huge trade potentials, it said.

The agreement is very important for both China and members of the EEU. It will help reduce non-tariff trade barriers, facilitate trade, create a favorable environment for industrial development, promote the Belt and Road Initiative, and push forward further development of China's economic ties with the EEU and its members, the statement said.

Negotiations were officially launched on June 25, 2016.

The talks touched upon 10 chapters, including customs procedures, trade facilitation, intellectual property rights, department cooperation, government procurement and e-commerce.