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18 January 2024, 17:40

EAEU, Nicaragua to cooperate in industry, agribusiness, customs, technical regulation

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MOSCOW, 18 January (BelTA) – The Eurasian Economic Commission and Nicaragua concluded a Memorandum on Cooperation. The document was signed by Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergei Glazyev and Nicaragua's Minister of Development, Industry and Trade Jesus Bermudez in Managua on 17 January, BelTA learned from the EEC press service.

"Nicaragua and the Eurasian Economic Union states have long-standing ties across a broad agenda, and with the active development of the Eurasian economic integration and successful cooperation between the EEC and its partners in Latin America and the Caribbean, it is only natural for us to establish a direct dialogue with the Nicaraguan government," Sergei Glazyev said.

According to the press service, the memorandum's key areas of cooperation between the EAEU and Nicaragua include customs and technical regulation, industry, agriculture, sanitary and phytosanitary measures and consumer protection. The parties agreed to start working in the EEC specialized sub-divisions and the Nicaraguan Ministries and Departments already this year. "This will ensure the efficient cooperation even before the first meeting of the working group established under the memorandum," the EEC said.

"The memorandum's main aim is to promote trade and economic cooperation between the EAEU and Nicaragua," the EEC minister noted. “Its potential lies not only in the growth of trade volumes but in expanding cooperation and organizing joint programs as well."

Before signing the document, Laureano Ortega, Advisor to the President of Nicaragua, and Jesus Bermudez presented Nicaragua’s economic potential and business opportunities, highlighting cooperation prospects with EAEU countries.

Nicaragua showed interest in increasing both export and import and in expanding the geography of cooperation by promoting ties with all EAEU countries. Nicaragua’s representatives also briefed on the opportunities for the EAEU business community to use the free development zones in Nicaragua and expressed the confidence that the EAEU partners will be interested in this mechanism actively promoted by the government.

The EEC stated that the trade between the EAEU and Nicaragua has a positive momentum. In January-October 2023, EAEU exports to this country increased by 14%, while imports more than doubled. Major exports are medicines, automobiles and parts for them, nitrogen fertilizers, sunflower oil, oil products, while major imports include peanuts, coffee, tobacco products and raw materials, knitwear and textiles.

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