MOSCOW, 19 March (BelTA) – The Eurasian Economic Commission together with countries of the Eurasian Economic Union (EAEU) is working on a package of response measures designed to preserve macroeconomic stability, mutual merchandise trade, and free workforce movement in the Eurasian space in conditions of the COVID-19 pandemic, the press service of the Eurasian Economic Commission told BelTA.
The top-priority measures will include pinpoint adjustment of the customs tariff policy on individual groups of commodities, monitoring and tracking of efforts to coordinate measures designed to prevent the Eurasian Economic Union market from falling apart, and measures designed to stabilize the financial market in order to prevent differences in exchange rates of the EAEU member states with a view to reducing foreign exchange risks.
The adjustment of the customs tariff policy will foster deliveries of the medical products needed to control and prevent the spread of the coronavirus infection. The list of the products is being worked on and will be ready soon. Apart from that, compensation for risks of manufacturing chains on national markets and export-oriented companies is being considered as a short-term measure. With this in mind plans have been made to reduce tariffs on importing a number of commodities (components, raw materials) in order to help compensate for current losses and future losses of the manufacturers and bolster their steady performance.
The source reminded that a working group had been set up within the framework of the Eurasian Economic Commission to work out coordinated measures and recommendations on preserving macroeconomic stability, mutual merchandise trade, and free workforce movement in the Eurasian space in conditions of the COVID-19 pandemic.
Andrei Slepnev, Member of the Board (Minister) for Trade of the Eurasian Economic Commission, believes that new opportunities are opening up on some markets, for instance, due to the lack of Chinese products. “The markets are experiencing a shortage of supplies. This is why it would be sensible to identify these market niches and look into what opportunities are opening up,” he believes. Apart from that, the current market situation creates additional incentives for digitizing trade operations, not only digital trade in merchandise but the digitization of business processes.
According to the Eurasian Economic Commission, representatives of the private sector from EAEU countries have suggested considering additional measures to stabilize the economic situation in Eurasian space, including measures to reduce the risk of volatility of the exchange rates of the national currencies and measures to switch to transactions in national currencies of the EAEU member states. The private sector also suggests revising the list of sensitive agricultural products taking into account changes in the agricultural production situation on the EAEU's domestic market.
Andrei Slepnev said: “We will consider proposals submitted by the union's member states. We are going to discuss ways out and opportunities.” The official asked the private sector to help the national governments and promptly submit ideas, proposals, and schemes on regulating the economic situation on the market.
