13th Annual International Conference "Eurasian Economic Integration": breaking barriers to new joint results
On November 22, 2018 the Head of Tatarstan Investment Development Agency Taliya Minullina took part in the 13th Annual International Conference "Eurasian Economic Integration". The conference held by Eurasian Development Bank became an effective communication platform for representatives of financial institutions, authorities, economic actors of the countries – members of the bank, foreign scientists and experts.
"Economic integration contributes to the rapid achievement of sustainable development goals. By uniting and thereby expanding markets, we mutually strengthen our countries, improve living standard, open new opportunities for entrepreneurs and investors. Surely, we understand the role of digital technologies for the economy of the Eurasian Economic Union transformation. Within the framework of the conference, we are taking a big step to remove barriers and restrictions in mutual trade between the participating countries, while strengthening our partnership" – Taliya Minullina noted.
The Eurasian Economic Union (EAEU) is an international integration economic union of Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan. The EAEU was created in order to comprehensively modernize, cooperate and improve the competitiveness of national economies and create conditions for stable development in improvement of living standards for the population of the member-countries.
During the event, the experts discussed trade financing: the importance of export agencies in supporting integration processes; the role of national projects; in the sphere of energy, the balance between traditional and new energy sources was considered, as well as the formation of a unified settlement space of the EAEU in national currencies.
Chairman of the Accounts Chamber of Russia Alexei Kudrin, Chairman of the board of the Eurasian Economic Commission Tigran Sargsyan, Chairman of the Management Board of the Eurasian Development Bank Andrey Beliyaninov and others made statements at the conference.
"We need to learn to conduct coherent policies in industry and agriculture. They are based on the harmonization of legislation. When we talk about the financial sector, this is reflected in our union agreement, that central banks and national governments should have a clear program of harmonization of legislation," – Tigran Sargsyan said.
The Eurasian economic Union is designed to ensure the freedom of movement of goods, services, capital and labor, implementing coordinated, unified policy in various sectors of economy.
The volume of mutual trade in goods of the participating countries is 54,7 billion USD. Share of mutual trade in the total volume of foreign trade of the EAEU is 14,6%.
The volume of foreign trade in goods of the Eurasian Economic Union with countries outside the EAEU in January-September 2018 amounted to 548,4 billion USD, including export – 355,3 billion USD, import – 193,1 billion USD. Compared to the same period in 2017, the volume of foreign trade increased by 21,4%, or 96,7 billion dollars. The volume of exports of goods increased by 29,2%, or 80,3 billion USD, imports – by 9,3%, or 16,4 billion USD. The surplus of foreign trade in goods increased from 98,3 billion USD in January-September 2017 to162,2 billion USD in January-September 2018.
The volume of mutual trade of the Eurasian Economic Union in January – September 2018 amounted to 44,2 billion USD, or 111.9% compared to the corresponding period of 2017.