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EEC identified sectors with maximum export potential

EEC identified sectors with maximum export potential

IMG02151.JPG
3/10/2020

The EEC Board has approved at its meeting held on March 10 a report on the results of analyzing potentially promising third-country markets to be jointly entered by the EAEU countries for developing the Eurasian industrial exports.

Metallurgy, chemical and paper-and-pulp manufacturing industries have become the sectors with maximum export potential.

In particular, goods manufactured by these sectors are in demand in those countries the Union has concluded or plans to shortly conclude a free trade agreement with. For example, metallurgical products manufactured in the EAEU are in demand in Egypt (2.5% of total exports to third-country markets), Vietnam (1.1%), and Israel (0.6%); chemical products are in demand in India (4.5%), Vietnam (0.6%), and Serbia (0.5%); and paper-and-pulp products are in demand in India (7.5%), Iran (1.2%), and Egypt (1%).

As Artak Kamalyan, EEC Minister in charge of Industry and Agriculture, stressed, the exports of manufactured products from the EAEU countries to third countries increased by 22.1% in 2018, while at the end of 2017 the exports grew by 24.2%.

Furthermore, generally positive dynamics of trade turnover in manufactured products have now been recorded for partner countries under trade agreements.

Artak Kamalyan noted that "in 2018, the dynamics of exporting products manufactured by the Union to the markets of partners under free trade agreements were ahead of the global dynamics of exports to these countries’ markets for certain items".

It bears reminding that the list of countries the EAEU has concluded trade agreements with includes Vietnam, Serbia, Singapore and Iran. Negotiations are also being held to conclude agreements with Egypt, Israel and India.

Taking into account export volumes and structure, the report has also identified third-country markets promising for the Union countries to cooperate with as well as the related lists of products.

More information about the report will be available on the Commission's website.​