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EEC Minister Veronika Nikishina: "Germany is an important trade and economic partner of the EAEU countries"

EEC Minister Veronika Nikishina: "Germany is an important trade and economic partner of the EAEU countries"


Speaking at the 3rd International Conference of German Business "Eurasian Economic Union: importance, achievements and development prospects" in Nur-Sultan (Republic of Kazakhstan), Veronika Nikishina, Member of the Board – Minister in charge of Trade of the Eurasian Economic Commission (EEC), highlighted the significant role of the German business in implementing practical investment projects in the Eurasian Economic Union (EAEU) States.


The EEC Minister told about the achievements of the Eurasian Economic Union as well as declared in favor of establishing a dialogue between the EAEU and the EU on creating comfortable and equitable conditions for businesses from the Member States of both integration associations and returning to the formation of a Common Economic Space from Lisbon to Vladivostok.


"We have already started such a dialogue within the framework of several topics and plan to gradually expand their number in accordance with the requests of our business. In the near future, the first technical consultations will be devoted to customs administration, confirmation of origin of goods and technical regulation", - Veronika Nikishina noted.


The EEC Minister invited the German business to consider the advantages of the Eurasian Economic Union in terms of its potential for creating new industries and value chains with an eye to the countries of the Eurasian and Asia-Pacific Regions. At the same time, by the end of 2018, Germany ranks 6th in the Republic of Belarus, 8th in the Russian Federation and the Republic of Armenia, and 13th in the Republic of Kazakhstan and the Kyrgyz Republic, among foreign investors.


Veronika Nikishina expressed her hope for further increase in mutual trade turnover between the EAEU and Germany. Last year, it took the lead in the foreign trade turnover of the Eurasian "five" countries (65.5 bln US dollars or 8.7% of turnover), giving way only to China. For the first eight months of 2019, there is a decrease in trade turnover by an average of 12.5% compared to the same period of 2018, exports from the EAEU decreased by 16.8%, and imports – by 7.4%. At the same time, the decline in trade in all major industries and commodity items has affected exports of the EAEU goods in this part in a negative way: exports of mineral products decreased by 18.4%; exports of metals decreased by 24.4%; machinery and equipment - by 1%; exports of chemical products and rubber decreased by 8%, and other goods - by 15%.


The digitalization of agro-industrial sector and cooperation in customs issues became the important matters of the discussion. The meeting participants also discussed the prospects for developing export potential and mutually beneficial cooperative ties and investment cooperation.


The conference was also attended by Bakhyt Sultanov, Minister of Trade and Integration of the Republic of Kazakhstan, Alexander Spaak, Head of the Representative Office of German Economy for Central Asia, Matthias Schepp, Chairman of the Board of the Russian-German Chamber of Commerce, Wladimir Augustinski, Head of the Representative Office of German Economy in the Republic of Belarus, as well as representatives of major German companies.