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Important areas of Eurasian integration include implementation of trade and financial policies

Important areas of Eurasian integration include implementation of trade and financial policies

12/12/2019

Veronika Nikishina, Member of the Board - Minister in charge of Trade of the Eurasian Economic Commission, and Timur Zhaksylykov, Member of the Board - Minister in charge of Economy and Financial Policy of the EEC, spoke on the urgent tasks of the Eurasian Economic Union (EAEU) trade policy, the medium- and long-term prospects for its development, integration within the financial sector, the creation of the EAEU common financial market, and the liberalization of mutual trade in services on December 11 during the discussion Eurasian Integration - Further Steps to Effective Cooperation as part of the conference Eurasian Economic Union: 5 Years - Is Everything Going Smoothly? The event was organized by the American Chamber of Commerce in Russia and the US-Russia Business Council jointly with the Eurasian Economic Commission.

In her speech, Veronika Nikishina touched upon the results of developing the EAEU countries' trade policy over the past five years, told about the Commission's work on expanding trade and economic cooperation with third countries, and integration associations, as well as the results of implementing the trade agreement with Vietnam.

"The EAEU's trade policy tools have proved to be sustainable and efficient, - the EEC Minister emphasized. - We continue following the proactive trade policy; we strive to ensure that our tools for foreign economic regulation are efficient, modern, proportionate and pursue the interests of manufacturers, consumers, exporters and importers."

During the discussion, special attention was paid to the introduction of a product labeling system in the EAEU. The EEC Minister spoke about the main approaches to the system development, the implementation stages, and the prospects for expanding the range of the marked products. "Primarily, we must mark only the nomenclature of goods that makes up the most considerable share in illegal trafficking or when even a small amount of counterfeit goods can harm public health. – mentioned Veronika Nikishina. – At the same time, when marking goods, we should avoid excessive and unjustified increases in cost for businesses and consumers.

In his turn, Timur Zhaksylykov noted that one of the important directions in developing the integration processes on the Eurasian space presupposes integration in the financial sector and creation of the Union's common financial market.

"An efficient architecture of the common financial market will create conditions for free movement of capital, increase the availability and quality of financial services, the profitability of the investment business, as well as the competitiveness and capitalization of financial markets, - Timur Zhaksylykov emphasized. - Alongside with forming a common financial market, we proceed to the harmonization of legislation in the financial sector, being a precondition for its successful functioning."

The EEC Minister also added that the EAEU had a single market of services that was continuing to be formed. In particular, the single market operates in 53 sectors and is currently expanding due to the implementation of liberalization plans.

“We are now facing the task of strengthening our efforts on implementing the liberalization plans to ensure that the common, barrier-free services market is launched as soon as possible. Besides, the governments of the EAEU countries should comply with the Union acts and the provisions of the Treaty on the Union regarding the formation and functioning of a single, barrier-free market of services,” Timur Zhaksylykov said.

The EEC Minister noted the improvement of the Union’s positions in the international rankings of the most business-friendly countries. Member States are improving their positions in international rankings. Analyzing them, we calculate the relative position our Union would have in the World Bank's Doing Business ranking if it were taken into account as an association. We improve our positions each year. And now, for example, the EAEU would have the 31st position, having improved its ranking by four positions compared to the previous year," Timur Zhaksylykov stated.​