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24 May 2023, 14:19

Myasnikovich: EAEU's trade with SCO and BRICS surging

MOSCOW, 24 May (BelTA) - Trade of the EAEU with the SCO and BRICS is on the rise, Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said at the 2nd Eurasian Economic Forum in Moscow on 24 May, BelTA has learned.

"Business has actively responded to the signals given by the leaders of our states. Trade between the EAEU member states and the SCO and BRICS surged by more than 40% last year alone. The export by the EAEU increased by 1.6 times," Mikhail Myasnikovich said.

Over the past eight years, the share of the SCO and BRICS in the total trade of the EAEU has increased from 16% to 30%. "The structure of foreign relations has been re-tailored from West to East," Mikhail Myasnikovich emphasized.

In this regard, he called the development of the single transport and logistics framework of the entire Eurasian macro-region one of the principal tasks. The Agroexpress project that was launched last year has already shown high efficiency. In terms of some commodity items, up to 80% of exports to China follow this route, according to Mikhail Myasnikovich.

“We have designated the North-South and West-East transport corridors within the framework of China's Belt and Road Initiative and seven more transport corridors in the EAEU to ensure seamless movement of goods through the territory of our states. It would be smart to extend them to the ASEAN and SCO countries," Mikhail Myasnikovich believes. He said that these issues have been repeatedly discussed with SCO Secretary General Zhang Ming. According to him, the Eurasian Economic Commission and the Secretariat of the Shanghai Cooperation Organization have agreed to work out a project to extend the transport corridors to those countries that are interested in them.

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