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SEEC outcomes: Free Trade Agreement signed with Singapore, Concept for creating a common financial market approved, documents on gas transportation and supply adopted

SEEC outcomes: Free Trade Agreement signed with Singapore, Concept for creating a common financial market approved, documents on gas transportation and supply adopted

10/1/2019

Some important decisions in the spheres of integration, international activities, financial policy, customs regulation, power industry and a number of others were adopted at the meeting of the Supreme Eurasian Economic Council (SEEC), which took place on October 1 in Yerevan (Armenia). 

 

The SEEC Members have approved the Concept for creating a common financial market of the Eurasian Economic Union. The governments and national (central) banks of the Member States are instructed to ensure implementation of the document. The concept was developed by national (central) banks and ministries of the financial and economic unit of the Union countries together with the Eurasian Economic Commission. The concept systematized the work on preparing draft international agreements that regulate the EAEU common financial market. It defines some directions for creating infrastructure of the common financial market as well as stages for implementing key areas of formation and development of the Union’s common financial market.

Members of the Supreme Eurasian Economic Council have approved main directions of the Eurasian Economic Union’s international activities for 2020.

The document presents the already established mechanisms of cooperation between third countries, regional integration associations and international organizations as well as identifies potential promising partners the Union seeks to deepen ties with.

Deepening cooperation with the CIS Member States, building a systematic dialogue with the European Union, SCO, ASEAN and APEC are among the priorities. Development of cooperation between third countries, regional integration associations and international organizations, interaction with which is of mutual economic interest will be another important track for the EAEU in 2020. Representation of the Member States’ exporters in the markets of third countries, where goods and services of the Union States are insufficiently represented, is another objective of the EAEU international activities for the next year.

 As these areas will be developed, the Eurasian Economic Union should become one of the most important centers for developing modern world, open for cooperation between both the Member States and foreign partners. The implementation of these key vectors will contribute to expanding the geography and volume of exports, inclusion of the Member States’ economic entities in the international production chains, creation of new cooperation ties and attraction of foreign investment and technology. Thus, the idea of "integration of integrations" will develop and a Greater Eurasian Partnership will be formed. In order to further develop the economic cooperation between the Member States and to form cooperative relations between economic entities and achieve a synergistic effect from the unification of investment and innovation potentials of the Union countries, the SEEC Members have decided to transform the "Eurasian Week" forum into the Eurasian Economic Forum.

The event, confined to the next meeting of the Supreme Eurasian Economic Council, will be held annually in the State chairing the EAEU governing bodies. The forum attendees should become the representatives of foreign States, international organizations, business circles, scientific and civil society organizations.

 A Protocol amending the Treaty on the Union was signed during the meeting of the Supreme Eurasian Economic Council.

In accordance with the adopted amendments, an opportunity to offset advance payments against payment of import customs duties as well as special antidumping and countervailing duties has been established. Previously, it was impossible to use funds contributed by participants of the foreign economic activity in the form of advance payments for effecting these payments. When these amendments to the Treaty on the Union come into force, it will be possible to write off all types of customs and other payments from advance payments. It is assumed that these amendments will minimize costs of FEA participants and simplify the administration of import customs duties and other payments. The amendments will come into force after all the Union countries complete the internal procedures required in order for the Protocol to take effect.

 The Supreme Eurasian Economic Council has amended the Rules of Procedure of the EEC.

This is entailed by new powers the Commission has obtained in view of the Agreement on the mechanism of traceability of goods imported into the EAEU customs territory, which the Presidents of the Union countries signed in May this year. Subject to the amendments, decisions on a number of issues will be taken by the EEC Council. They include approval of the list of goods to be traced, identification of cases where traceability of goods is not carried out; determination of periods for including information about goods into national traceability systems as well as periods for storing such information in systems. Furthermore, the EEC Council will determine cases when persons engaged in the goods turnover are not obliged to issue shipping documents in e-form; establish terms and conditions for implementing a pilot project on introducing the traceability mechanism, etc. The EEC Board is entrusted to consider some issues related to the Agreement implementation. It bears reminding that the Agreement on the mechanism of traceability of goods imported into the EAEU customs territory determines the procedure for this mechanism’s operation. It is based on documentary accounting of goods by creating an information system in each Union country, which will accumulate information required for traceability from shipping documents.

 The SEEC Members have approved the draft Disposition "On harmonizing the EAEU Member States’ legislation in the sphere of gas transportation and supply between the Member States". 

The formation program and the action plan for the formation of the Eurasian Economic Union’s common gas market approved by the Supreme Eurasian Economic Council's Decision in December 2018, stipulate the preparation in 2019 of a list of the Member States’ regulatory legal acts in this sphere subject to harmonization as well as defining harmonization principles as such. The Disposition of the Supreme Eurasian Economic Council stipulates, if required and as the acts relating to the formation of the Union’s common gas market are developed, the preparation of a list of national regulatory legal acts in the sphere of gas transportation and supply between the EAEU countries subject to harmonization, based on the Member States’ proposals. The document also defined principles for harmonizing the Member States' legislation in this sphere.

Sergei Glazyev (Russia), appointed to the position of Minister in charge of Integration and Macroeconomics instead of Tatyana Valovaya (Russia), will become a new Member of the Commission's Board. Previously, Sergei Glazyev served as Adviser to the President of the Russian Federation.

The next meeting of the Supreme Eurasian Economic Council will be held in December in Saint Petersburg.​