Eurasian Economic Union members discuss international activity results for 2022

Belarus’ Deputy Prime Minister Igor Petrishenko has taken part in the work of the Council of the Eurasian Economic Commission in Moscow

The council members considered the implementation of the Main Directions for the EAEU International Activities for 2022. The results of the work for the year as a whole turned out to be very positive: the share of mutual trade in the EAEU increased by 14 percent compared to 2021 and by a third against 2020.

“The worse the situation outside, the more incentives to strengthen integration and expand mutual trade,” Sergei Glaziev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, formulated on the eve of the meeting. According to him, trade within the EAEU has grown to come closer to $1 trillion in 2022, while imports have returned to pre-pandemic levels. At the same time, it is noted that the structure of trade has changed dramatically. The role of the European Union in trade has declined sharply, but there has been an explosive growth in trade with the countries of the East and South.”

China has become EAEU’s main trade partner, the share of trade with India has tripled, and the shares of Iran and Türkiye in the structure of mutual trade have sharply increased.

This year, the chairmanship of the organisation has passed to Russia, and the Russian side has already declared as a priority for the near future the development of co-operation, mutual investment and the consolidation of sci-tech and innovation-technological potential within the EAEU.

One of the fundamental issues for the implementation of these plans is the resource support for participants in co-operation projects. The EEC Council discussed this issue in the context of assistance to the EAEU enterprises establishing co-operation in industry.

The members of the EEC Council also discussed a number of topics related to the development of transport infrastructure in the EAEU member states, including in conjunction with the China’s Belt and Road Initiative, competition in cross-border markets and the removal of barriers in domestic markets.