Call to significantly step up trade within EAEU

MOSCOW, 24 May (BelTA) – The Eurasian Economic Union (EAEU) member states need to significantly increase trade in goods and services with each other, Belarus' Deputy Prime Minister Igor Petrishenko said as he spoke at one of the key sessions of the 2nd Eurasian Economic Forum, EAEU Priorities 2030+, in Moscow on 24 May, BelTA has learned.

Igor Petrishenko noted that since 2019 the EAEU has seen a steady growth in mutual trade in goods. “This is a testimony to real cooperation and more intensive economic interaction between the businesses of our countries. However, over so many years the share of intra-union trade has never exceeded 15% compared with the trade with third countries. This is an extremely low figure for our union. I believe that by 2030 we will increase the share of intra-union trade to at least 20%, and by 2040 or 2045 - up to 30% and more,” he said.

The deputy prime minister noted with regret that the year 2022 saw a certain deformation of the internal market of the union. “I propose to refrain from taking any unilateral measures and to make decisions on veterinary, phytosanitary controls and other things only upon reaching consensus through consultations,” he said.

Igor Petrishenko also noted that the trade in services in the EAEU accounts for only 13% of total trade. “The trade in services is even smaller than the trade in goods, while the share of services in the sectors that are included in the single market is 32%. In December last year, we identified 117 service sectors that will operate on the single market. By now 37 of them have been selected, the member states are ready to liberalize them. At the same time, all five countries reached a consensus only for one sector (consulting services in logistics),” the deputy prime minister noted.

“In our opinion, the share of services in the single market should reach at least 50% by 2030,” Igor Petrishenko emphasized.