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06 June 2023, 12:32

EEC, Belarus discuss cooperation support mechanism in EAEU

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MOSCOW, 6 June (BelTA) – Member of the Board (Minister) for Industry and Agriculture of the Eurasian Economic Commission (EEC) Artak Kamalyan met with members of the Belarusian Chamber of Commerce and Industry, representatives of enterprises and government agencies of Belarus to discuss a new mechanism to promote industrial cooperation in the Eurasian Economic Union (EAEU), BelTA learned from the EEC press service.

The EEC minister recalled that the leaders of the EAEU member states approved the amendments to the EAEU Treaty at the Supreme Eurasian Economic Council meeting on 25 May. The amendments grant the EEC new powers to provide soft-term financing for multilateral integration projects in the manufacturing industry from the EAEU budget. “Starting next year, we will be able to subsidize part of the interest rates on loans issued to banks. The budget will be formed from equity contributions coming from special, anti-dumping and countervailing duties, and will amount to about $20 million a year,” he said.

According to Artak Kamalyan, in order to launch the new mechanism, it is necessary to draft a provision that will detail the procedure for selecting and financing projects. “The program of financial support for industrial cooperation will facilitate technological advancement of our countries, give small and medium-sized enterprises access to new technologies, and will also stimulate integration processes in the Eurasian space as a whole,” he stressed.

“Artak Kamalyan praised Belarusian businesses for high professionalism and constructive approaches to the development of financial documents. He also mentioned Belarus' participation in a number of promising industry projects. The EEC minister called on the country's business people to get more actively involved in this work,” the press service said.

Representatives of the Belarusian business community asked about the terms for obtaining preferences and preferential rates in line with the new financing mechanism, about conditions to implement integration projects, as well as about the possibility of force majeure. “The Belarusian side suggests involving all financial organizations in the preparation and discussion of cooperation projects. The EEC minister clarified key issues that concern the business community the most; the work on the draft provision will be continued as part of the upcoming expert consultations,” the press service added.

The meeting in Minsk was the first in a series of working meetings between Artak Kamalyan and business representatives and heads of industrial enterprises of the EAEU member states. The discussion of the new mechanism of industrial cooperation support will continue.

Amendments to the EAEU Treaty that will give the EEC new powers will enter into force after their ratification by the member states of the union.

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