Posted: 01.11.2021 11:35:00

Myasnikovich: EAEU economy recovering after the pandemic

The Chairman of the Eurasian Economic Commission Board, Mikhail Myasnikovich, took part in the EAEU business forum – Integration: New Opportunities for Expanding Co-operation – which participants discussed measures necessary to develop the economy and implement joint integration projects in the Eurasian Economic Union to ensure sustainable economic growth

Photo by Eurasian Economic Commission

“The growth of mutual trade is encouraging: over eight months, it made 31 percent against the same period last year. These figures are slightly better than in the European Union where the growth was 20 percent. The volume of mutual trade is even 14 percent higher on our territory than in the corresponding period of 2019,” Mr. Myasnikovich noted, adding, “This indicates that we have created stable horizontal ties in the EAEU and enjoy a sufficient capacity of the domestic market. Accordingly, we have a serious potential for increasing co-operation.”

Mr. Myasnikovich also focused on prospects for implementation of major projects with an integration effect. The Commission has already worked out new motivation tools for business: subsidising the rates of the Eurasian Development Bank and using resources of the Eurasian Stabilisation and Development Fund.

The Chairman of the EEC Board spoke of food security and regulation of the Union State members states’ export policy. “Our exports are growing, which is good. However, this exposes the domestic market to a certain extent – especially with regards to its highly liquid goods. Incentives for inflation are emerging. The Commission will have to participate more seriously in regulating the member states’ export policy. In August, the Intergovernmental Council made a decision on co-ordinated regulation of exports of wheat, barley, corn, sunflower seeds, sunflower oil and some other goods. In order not to accelerate inflation, but to manage these processes correctly through market methods, it is necessary to regulate the states’ export policy,” he stated.

In addition, Mr. Myasnikovich called on businesses to participate in the Eurasian Network of Industrial Co-operation, Subcontracting and Technology Transfer project which will contribute to industrial co-operation development and implementation of joint projects in the real sector.