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28 October 2022, 14:15

Formation of Eurasian Economic Union's common market virtually complete

Photo courtesy of the Eurasian Economic Commission
Photo courtesy of the Eurasian Economic Commission

MOSCOW, 28 October (BelTA) – The formation of the common market of the Eurasian Economic Union has been virtually completed. Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev mentioned it during the Eurasian Economic Forum in Baku, Azerbaijan, BelTA has learned.

Sergei Glazyev said: “We are now working on a common strategy of development of the Eurasian Economic Union. We have managed to essentially complete the formation of the common market. At present the Eurasian Economic Commission regulates not only technical regulations and standards on the common market but also the tariff policy, non-tariff restrictions on government purchases. The key item on our agenda now is to enable conditions for rapid economic development on the basis of a new technological paradigm, the modernization of the economy by leveraging promising technologies. Our top priority now is to expand manufacturing cooperation, including international one, R&D cooperation.”

The official also remarked that the Eurasian Economic Commission is responsible for the development of technical regulations of the Eurasian Economic Union. “They rely on cutting-edge accomplishments of science and technology. We are forming a Eurasian system of standards. It is being linked with the European system. There are no fundamental contradictions. Some of our requirements are even tougher than European ones. Some match European ones. We adopt new technical regulations every year. There are more than 60 of them now. We are essentially close to having technical regulations for the entire production sector. The same is true as far as food security requirements are concerned: our sanitary norms are in effect and match the European level,” Sergei Glazyev noted.

The Eurasian Economic Forum is taking place in Baku, Azerbaijan on 27-28 October. The Italian city of Verona was the traditional venue for the previous 14 years but this year the venue has been shifted to Azerbaijan's capital due to the geopolitical situation. Politicians, statesmen, businessmen, political analysts, diplomats, and reporters from the East and the West traditionally take part in the forum. They discuss a broad range of topical problems relating to economy and finance, healthcare, ecology, power engineering, technological innovations in the Greater Eurasia space. The theme of this year's forum is “Eurasia on the way to a new geopolitical, social and economic order: transition to a new human-centered economy.” The forum has been organized by the non-profit association Conoscere Eurasia and the Roscongress Foundation with assistance of the Azerbaijani Economy Ministry.

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