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EEC Minister Tatiana Valovaya: "Regional economic integration is one of the key drivers for the world economic growth"

EEC Minister Tatiana Valovaya: "Regional economic integration is one of the key drivers for the world economic growth"

2/29/2016

On February 26-28, in Shanghai (PRC) the Member of the Board - Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission Tatyana Valovaya participated in international forums "Reassessment of the Global Financial Architecture" and "Steady Global Economic Growth: Strategy, Drivers and Institutions” where she spoke about the role of Eurasian integration in the global economy.

The activities are timed to the session of financial G20. The organizers were the Reinventing Bretton Woods Committee and a number of reputable scientific research centers from China.

Tatyana Valovaya put the main emphasis in her speech on the impact of regional economic integration, as well as the institutionalization of the interaction between integration blocks, which could have on improvement in the global financial architecture. She stressed that for the countries of the Eurasian Economic Union (EAEU) their participation in the Eurasian Economic integration project allows to minimize the consequences of global economic problems.

"The decline in the Union’s trade with third countries in 2015 amounted to 33.6%, internal trade within the EAEU declined less significantly - by 25.8%, largely due to the integration effects," noted the EEC Minister.

According to Tatyana Valovaya, the EAEU development will be stipulated by efficiency of work in two interdependent tracks - for deepening integration and for integration of the Union in the global economy.

For Reference:

The Reinventing Bretton Woods Committee was established in 1994. It is an authoritative scientific research center of the international financial and economic architecture. It works closely with central banks, ministries of finance and G20. It organizes seminars and high-level conferences to discuss risks and challenges of the global economy.