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Sergei Glazyev: "As part of coupling the EAEU and the Chinese Belt and Road Initiative, the share of settlements in national currencies should grow significantly"

Sergei Glazyev: "As part of coupling the EAEU and the Chinese Belt and Road Initiative, the share of settlements in national currencies should grow significantly"

9/17/2020

The Eurasian Economic Union countries are gradually switching to payments in national currencies within the Union. That’s exactly what we should also strive for in trade with China, Sergei Glazyev, Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission, stated on September 16 during the online conference "Which path will the EAEU countries and China choose?".

The prospects for coupling the EAEU and the Chinese Belt and Road Initiative amid changing world economic paradigms and deteriorating US-PRC relations was the key topic of discussion. The conference was attended by leading experts and representatives of the authorities of the PRC, the EAEU States and the Eurasian Economic Commission.

"The moment has come when we should fill the idea of coupling the EAEU and the Chinese Belt and Road Initiative with breakthrough initiatives that could enable highlighting a new round in international economic cooperation," Sergei Glazyev stressed.

He has noted that quite a lot had already been done in terms of modernizing transport and logistics systems and building pipelines in the interests of strengthening the energy security of the Eurasian region. ​"Currently, about 50 container trains pass between China and the European Union through our territory, i.e. we actually managed to optimize transport flows. We have achieved the speed of moving container trains between Central China and Central Russia in one week,"  the EEC Minister gave an example.

Sergei Glazyev has stated the importance of switching to payments in national currencies: "In the Eurasian Economic Union, countries are gradually increasing the share of settlements in national currencies both within the Union and in trade with China. We need cooperation between financial regulators and major trade entities - I mean, first of all, trade in raw materials, which are the basis of mutual trade turnover".

For instance, the share of settlements in Russian rubles in the EAEU States' mutual trade amounted to 72.4% in 2019, it increased by 4.4 percentage points compared to 2015.

Furthermore, the EEC Minister has noted the need to develop an infrastructure for economic cooperation as well as own system for regulating trade in goods and pricing, which will ensure long-term financial stability for the States. The conference attendees stated the importance of interaction in cybersecurity, technological development, e-commerce and others.

"We should deepen international cooperation for combining our competitive advantages and economic diversity in order to obtain a synergistic effect," Sergei Glazyev summarized.

Zhou Li, Director of the Chinese-Russian Research Center for Humanitarian Exchanges and former Deputy Head of the International Department of Central Committee of the Chinese Communist Party, delved into the global affairs in view of deterioration of China-US relations and stated the need for democratizing international relations and non-interfering in the countries’ internal affairs.

"The objectives of the Greater Eurasian partnership and the Chinese Belt and Road Initiative have significant overlaps. We are focused on developing strategic cooperation with the EAEU Member States and its Observers," Zhou Li declared.

The event was organized by the Chinese-Russian Research Center for Humanitarian Exchanges at the Chunyang Institute for Financial Studies of the Renmin University of China. The total number of the online conference viewers exceeded 177 thousand people.