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17 September 2020, 18:59

EAEU countries encouraged to switch to national currencies in trade with China

MOSCOW, 17 September (BelTA) – Countries of the Eurasian Economic Union (EAEU) are gradually switching to national currencies in trade inside the union. The same goal should be achieved in trade with China. Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev made the statement during an online conference held to discuss what way of development EAEU countries and China will choose, BelTA has learned.

The discussion primarily focused on coupling the Eurasian Economic Union with China's Belt and Road initiative amid changes of world economic systems and worsening USA-China relations. Sergei Glazyev said: “Time has come for us to fill the idea of coupling the Eurasian Economic Union and China's Belt and Road initiative with breakthrough initiatives that could create an opportunity to identify a new stage in international economic cooperation.”

According to the Eurasian Economic Commission, the share of transactions that use Russian rubles in trade among the Eurasian Economic Union member states totaled 72.4% in 2019, 4.4 percentage points up from 2015. The Eurasian Economic Union countries are gradually increasing the share of transactions that use national currencies both inside the union and in trade with China, Sergei Glazyev noted. “We need cooperation of financial regulatory authorities and major trade bodies, first of all, trade in raw materials that underpins mutual trade turnover,” he said. Sergei Glazyev noted it is necessary to create an infrastructure of economic cooperation and a proprietary system to regulate merchandise trade and pricing practices in order to ensure financial stability of the countries in the long term.

Sergei Glazyev stated that quite a lot has already been done to modernize transport and logistics systems, build pipelines in order to bolster the energy security of the Eurasian region. “At present about 50 container trains cross our territory as they transport goods between China and the European Union. In essence transport flows are getting optimized. At least one container train travels between central China and central Russia every week,” the official cited an example.

Zhou Li, head of the China-Russia research center for humanitarian exchange, a former deputy head of the International Department of the Central Committee of the Communist Party of China, dwelled on the situation in the world due to worsening USA-China relations. He stated it is necessary to democratize international relations and prevent interference in domestic affairs of countries. “Goals of the Greater Eurasian Partnership and China's Belt and Road initiative coincide by a lot. We aim to advance strategic cooperation with countries of the Eurasian Economic Union and its observers,” Zhou Li stated.

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