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19 May 2022, 11:01

EAEU, SCO seen as able to set framework for new system of international relations

Mikhail Myasnikovich. An archive photo
Mikhail Myasnikovich. An archive photo

MOSCOW, 19 May (BelTA) - The Eurasian Economic Union (EAEU) and the Shanghai Cooperation Organization (SCO) are able to establish a framework for a renewed system of international relations, Chairman of the EEC Board Mikhail Myasnikovich said at a meeting with SCO Secretary General Zhang Ming in Moscow on 19 May, BelTA learned from the EEC press service.

The parties discussed the areas of cooperation between the two organizations. Mikhail Myasnikovich said that in 2021 the trade between the EAEU and the SCO countries which are not the union's member states increased by 25% compared to 2019 and reached nearly $200 billion. “It means that our joint efforts bring results,” the chairman of the EEC Board emphasized. He suggested further work on combining capacities to implement the memorandum of understanding between the EEC and the SCO Secretariat, which was concluded in September 2021, and to agree on a plan of joint activities for 2022-2025. A draft document has already been prepared and sent to the SCO Secretariat. The parties expressed their intention to sign the document at the SCO summit in Samarkand in September 2022.

“Today the world is witnessing major changes that affect all of our members. The system of interstate relations that emerged from World War II appears to be changing completely. We are ready to discuss how we can face the emerging challenges together to ensure the long-term interests of all our countries,” Zhang Ming said.

Zhang Ming said that the SCO leaders had noted the need to link China's Belt and Road initiative with the Greater Eurasian Partnership, the backbone of which is the Eurasian Economic Union.

Mikhail Myasnikovich said that there were great opportunities for business of the SCO countries in view of the changing geopolitical situation, including the sanctions pressure on a number of member states of the union. “Businesses need to focus on long-term work in order to formalize the basis of economic cooperation within the framework of the Greater Eurasian Partnership. We could create favorable conditions for their work through a system of customs, tariff and technical regulations, which have been brought to the supranational level in the EAEU. In addition, there are good prospects for cooperation in the energy sector, as well as in logistics,” the head of the EEC Board said.

The parties paid special attention to interaction in the financial sector, in particular the issues of mutual settlements and pricing in national currencies.

Mikhail Myasnikovich invited the SCO secretary general to take part in the forthcoming Eurasian Economic Forum in Bishkek and the EEC events at the St. Petersburg International Economic Forum.

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