The EEC and the EAEU Business Council discussed joint actions to ensure sustainable growth and further development of the Union

Topical issues of economic development of the countries of the Eurasian Economic Union in modern conditions were discussed by the participants of the 19th meeting of the Presidium of the Business Council of the EAEU, held on March 25 in an online format.

Chairman of the EEC Board Mikhail Myasnikovich informed the meeting participants about the activities of the EAEU in the current international situation, paying special attention to measures to increase the sustainability of the economies of the Union member states. He also informed about the creation of a high-level working group to create conditions for improving the internal stability of the economy of the EAEU member states, including ensuring macroeconomic stability, as well as resistance to external challenges, the results of its work and decisions taken. Mikhail Myasnikovich focused the attention of the meeting participants on the need to make proposals to supplement the list of measures taken by the working group, as well as on their practical implementation.

He appealed to the Business Council of the EAEU, suggesting that businesses use these preferences. 

“The Commission and the high-level working group are ready to consider other proposals to minimize the consequences of sanctions,” Mikhail Myasnikovich said.

Separately, the Chairman of the EEC Board focused the attention of the meeting participants on preventing the destruction of the internal market system and the existing ties. As an example, he cited the counterproductivity of importing goods produced by national producers of the Union to the EAEU market.

“Protecting the national consumer and replenishing budgets is no less important task than saturating the domestic market with imports, which intermediaries often profit from,” the Chairman of the EEC Board believes.

Mikhail Myasnikovich also spoke about the work on expanding the settlement zone in national currencies. According to him, currently 74% of mutual trade is carried out in the national currencies of the EAEU countries. However, this measure, in his opinion, will be more effective if pricing is formed in the national currencies of the EAEU countries.

“Settlements in national currencies are a good step, but if it is supplemented by the formation of pricing in the national currencies of the EAEU countries, it will be much more effective,” Mikhail Myasnikovich stressed.

Separately, the Chairman of the EEC Board pointed to the positive trend in the adoption of decisions by the governments of the EAEU countries on the liberalization of their domestic markets.

“I would like to see a kind of complement to these measures by more active work of development institutions. Enterprises need to be supported by replenishment of working capital and resolve issues of exchange rate differences. I believe that the unions of industrialists and entrepreneurs should be active in their actions,” Mikhail Myasnikovich added, stressing that the Commission always pays attention to this and is ready to actively engage in work.

In conclusion, the Chairman of the EEC Board called on the representatives of the Presidium of the EAEU Business Council to signal the business community to take an active part in the Eurasian Economic Forum, timed to coincide with the meeting of the Supreme Eurasian Economic Council and scheduled for May 26-27 in Bishkek.

The meeting of the Presidium of the EAEU Business Council was attended by the Minister of Economy and Financial Policy of the EEC Ruslan Beketaev, the Minister of Integration and Macroeconomics of the EEC Sergey Glazyev, the Minister of Internal Markets, Informatization, Information and Communication Technologies of the EEC Varos Simonyan, the Minister of Trade of the EEC Andrey Slepnev, as well as the officials of the EEC, who informed the members of the Presidium of the Business Council the EAEU Council on the measures taken on topical issues on the agenda.

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