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Economy
09 December 2022, 14:29

EAEU leaders thrash out plans for cooperation in industry

Photo from eec.eaeunion.org
Photo from eec.eaeunion.org

BISHKEK, 9 December (BelTA) – At the Supreme Eurasian Economic Council meeting in Bishkek the leaders of the Eurasian Economic Union member states took a decision to finance cooperation projects in the manufacturing industry, BelTA has learned.

During the summit, the heads of state discussed the sources and mechanisms of financing industrial cooperation projects in the EAEU. It was decided to give the Eurasian Economic Commission new powers related to project financing. It was proposed that 10% of anti-dumping and other countervailing duties should be used to subsidize the interest rate on loans to implement joint cooperation projects.

“We have laid the foundation for financing industrial cooperation projects, we have given an instruction to draft the necessary documents,” Kyrgyzstan President Sadyr Japarov said after the summit.

Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich, in turn, called this decision “a new page in Eurasian integration”. According to him, more than 150 projects in 25 high-tech industries have already been selected.

Mikhail Myasnikovich
Mikhail Myasnikovich

During the summit, the heads of state also approved the main areas of international activities for 2023, decided to establish the EAEU council of heads of authorized bodies in the energy sector.

The leaders also gave a greenlight for the launch of the negotiations on a free trade agreement between the EAEU and the UAE. As Belarusian Deputy Prime Minister Igor Petrishenko explained, this is a good decision for the entire union and for bilateral cooperation between Belarus and the United Arab Emirates. "We expect that Belarus' exports to the UAE will increase by about $14 million or by 17%," he said.

The EAEU countries also intend to develop cooperation with other regional associations: SCO, BRICS, ASEAN. "Where we are welcome, where we are treated friendly, we will be working eagerly to promote our joint products made in the Eurasian Economic Union," Igor Petrishenko said.

At the summit in Bishkek, the heads of state also agreed on the Eurasian Economic Union budget 2023. It will exceed RUB8.7 billion, up 10% from 2022. “This money is aimed at developing both digitalization and all other projects,” the deputy prime minister said.

As for the elimination of barriers in the internal EAEU market, Igor Petrishenko stressed that measures should be taken to increase the speed of goods movement, to resolve technical and tax issues. Work on the elimination of existing barriers was one of the central issues at the summit in Bishkek.

“This issue is on the radar of the heads of government as well. There is certain movement in each area to remove these barriers. We will continue to work on mechanisms to prevent these barriers,” the vice premier stressed. “A key aspect here is equal approaches to the main elements: a single gas market, a single market of oil and oil products, and a single electricity market. As soon as we work out unified approaches, then all the other aspects will disappear by themselves, because there will be equal competitive conditions for all entities, regardless of their location within the Eurasian Economic Union.”

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