MOSCOW, 17 March (BelTA) – The Eurasian Economic Union and the Shanghai Cooperation Organization will step up joint efforts in transportation and logistics and will stimulate integration of currency and payment systems, the press service of the Eurasian Economic Commission told BelTA after Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich met with SCO Secretary General Zhang Ming in Moscow.
A decision was made in favor of enhancing the practical joint work in transportation and logistics and in favor of stimulating the integration of currency and payment systems for the sake of enabling independent transboundary payments.
According to Mikhail Myasnikovich, economic agendas of the Shanghai Cooperation Organization and the Eurasian Economic Union bear potentials capable of complementing each other and defining the world landscape. In 2022 the Eurasian Economic Union's trade turnover with the Shanghai Cooperation Organization totaled $270.2 billion, more than 40% up within one year, he remarked.
Mikhail Myasnikovich and Zhang Ming confirmed interest in signing a plan on joint actions on realizing a memorandum of understanding between the Eurasian Economic Commission and the SCO Secretariat. The document is in the final reconciliation stage and may be signed in May 2023.
Mikhail Myasnikovich said that the commission had prepared a concept for implementing a massive transportation and logistics project designed to tie together the territory of the Eurasian region. This project is now being scrutinized by the Shanghai Cooperation Organization. Mikhail Myasnikovich and Zhang Ming stressed the importance of increasing the share of national currencies in mutual transactions and the importance of cooperation in integrating currency and payment systems for carrying out independent transboundary payments, for financing trade and investments.
“The Eurasian Economic Union has some good progress to report. In 2022 the share of national currencies in transactions inside the union totaled 80%. We believe it is necessary to ensure synchronization of potentials of payment and transaction infrastructures of the Eurasian Economic Union and the Shanghai Cooperation Organization. We will present our proposals soon,” Mikhail Myasnikovich said.
He invited the SCO secretary general to participate in the 2nd Eurasian Economic Forum, which will take place in Moscow on 24-25 May. A special session “EAEU-SCO-BRICS: An open integration dialogue” will take place within the framework of the forum. In turn, the SCO secretary general invited Mikhail Myasnikovich to come to the SCO Secretariat in Beijing on an official visit.