Trade and Eurasian Economic Union

Mutual trade inside Eurasian Economic Union 1.3 times up in January-April

Mutual trade inside the Eurasian Economic Union increased by 1.3 times in January-April 2021, said Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich after an offsite session of the board in Brest on 21 June.

According to Mikhail Myasnikovich, economic growth in the Eurasian Economic Union member states is picking up the pace after the pandemic. Mutual trade between the Eurasian Economic Union member states totaled $21 billion in January-April 2021, 1.3 times as much as in January-April 2020. Growth reached 21.7% without hydrocarbons. It is even better than trade with remote countries and mutual trade within the framework of the European Union, Mikhail Myasnikovich said.

An offsite session of the Board of the Eurasian Economic Commission took place in Brest on 21 June. The delegation visited enterprises and met with the business community – the largest Belarusian exporters and representatives of small and medium private companies. Topical matters concerning the development of the national economies and manufacturing cooperation within the framework of the Eurasian Economic Union were discussed, including vaccination and medicinal security, transport corridors and free access to each other's markets, broad assimilation of digital trade procedures and digital navigation seals.

According to Mikhail Myasnikovich, the document concerning the introduction of digital navigation seals is highly ready and may be passed this year. It will as much as possible rule out all kinds of examinations, mistrust, freight tampering, and the things that cause problems and dissatisfaction today.

The Board of the Eurasian Economic Commission decided in favor of working out an international agreement on the common market of oil and oil products. The document is supposed to be signed by 1 January 2023. The commission is also working on a draft agreement on the common market of natural gas. “The matter has been discussed for years. We intend to get the document prepared and forwarded to the EAEU member states for intrastate procedures this year. The common market of natural gas will enable equal conditions for commercial entities,” Mikhail Myasnikovich pointed out.

Deputy prime ministers of the Eurasian Economic Union five member states will meet at premises of the Eurasian Economic Commission on 25 June to discuss the agenda of current interest. About 40 meetings will take place in various countries similarly to the Brest summit. “Such meetings encourage representatives of the private sector to actively participate in integration processes and be included in the international agenda. And the private sector has demonstrated its desire to be a party to strategic matters concerning integration development,” Chairman of the Belarusian Chamber of Commerce and Industry Vladimir Ulakhovich stressed.

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