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Trade in Eurasian Economic Union up 31.1% in Q1 2017

Economy 26.05.2017 | 18:12

MOSCOW, 26 May (BelTA) – All five member states of the Eurasian Economic Union (EAEU) recorded economic growth at the beginning of 2017, which happened for the first time since 2014, Chairman of the Board of the Eurasian Economic Commission (EEC) Tigran Sargsyan said at a meeting of the members of the general and regional business councils, BelTA learned from the EEC press service.

In January-March 2017 the foreign trade of the EAEU member states increased by 29.6% as against the same period last year. Mutual trade surged by 31.1%. “The number of companies with investment from EAEU partners is increasing. The real sector of the economy, cargo and passenger traffic have been expanding too. The commission's forecast for 2017-2019 is stable-favorable,” Tigran Sargsyan.

In 2016-2017 the EAEU countries agreed to remove 60 barriers in the internal market. Fundamental agreements were reached in the areas of electricity, oil, gas, and transport. Joint projects are taking shape in space, machine-tool building, agriculture, new technologies. The EAEU member states launched the common market for medicines and medical products, upgraded the customs legislation, and are currently working on the draft of the traceability of products.

Tigran Sargsyan briefed the businessmen on the formats of the commission's engagement with the business community. The EAEU Business Council includes business associations of all participating countries. Its task is to generate a consolidated position on draft documents and initiatives. Another way of the EEC' interaction with business is the advisory committees and working groups that draw up documents.

The commission organizes public discussion of the draft documents and any representative of the business community of the EAEU countries can participate. In 2016, it took into account about 80% of the total number of comments and suggestions it received.

According to Tigran Sargsyan, the implementation of digital agenda is one of the commission's top priorities. “Life does not stand still. Today digital technologies are crucial for shaping the common markets. In December 2016 the EAEU heads of state agreed upon drawing up a joint EAEU digital agenda. A working group was set up at a high level, too. By November 2017 we need to submit the program of the EAEU digital transformation to the heads of state. We are set to hold a dialogue with business. Our key approach is to set the agenda on the basis of a close partnership between the state and business,” Tigran Sargsyan summarized.

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