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Tools of export support of EAEU countries discussed at SPIEF-2018

Tools of export support of EAEU countries discussed at SPIEF-2018

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5/25/2018

Tools of the Eurasian Economic Commission (EEC) for export development of the countries of the Eurasian Economic Union (EAEU) such as the creation of free trade zones, the cooperation of financial institutions and the holding of the International Forum Eurasian Week, were discussed at the round table “Modern Mechanisms for Export Promotion to Foreign Markets” as part of the St. Petersburg International Economic Forum – 2018.

The key topic of the meeting was the May Decrees of the President of the Russian Federation Vladimir Putin, in which much attention have been paid to the development of export potential. It was about the development of cooperative ties and the increase in Russia's non-primary exports twice over six years. The participants of the round table tried to answer the questions – how to effectively carry out the assigned task and what mechanisms of supporting exports can contribute to this.

Veronika Nikishina, Member of the Board – Minister in charge of Trade of the EEC, highlighted several areas of work through which the Commission could contribute to the achievement of the stated objectives.

First and foremost, the EEC Minister noted the creation of systemic conditions for facilitating the entry to foreign markets through the establishment of favorable trade regimes. These regimes can be used by any exporter of the EAEU countries. Besides, an important role is played by integrated foreign trade regulation aimed at reducing the costs of the Union's producers, including the practical implementation of the escalation of the import tariff, the reduction of duties on production equipment and raw materials for improving the production technology and improving the quality of products in the Union, a set of measures to improve customs regulation, aimed at simplifying customs formalities and focusing on risks of customs control. At the same time, in order to support the growth of commodity exports, it is necessary to develop export of services, for example, transport and financial services, to improve their quality and accessibility.

"Our key tool is the conclusion of agreements on trade and economic cooperation or free trade agreements that give the most tangible effect on access to partner markets", - Veronika Nikishina said. - The creation of commodity corridors, characterized by a lower level of barriers to trade, contributes to a systemic increase in exports. And they can use exporters of any kinds of products".

After the beginning of the agreement on free trade with Vietnam, the trade turnover of the EAEU countries grew by almost 40%. At the same time, exports and imports increased equally, dispelling fears of experts concerning the possible imbalance of trade.

In addition, with the assistance of the EEC, cooperation is carried out between the financial institutions of the states of the Union responsible for supporting exports.

The Council of Development Banks of the EAEU operates whose task is to support export-oriented cooperation projects. Since last year, the cooperation of national export credit agencies for integration in the sphere of insurance support for exports of the countries of the Union has been launched.

Another format for promoting exports is holding the annual International Exhibition Forum Eurasian Week organized by the EEC and the governments of the EAEU States. The Forum is held alternately in each of the countries of the Union, this year it will be held on October 24-26 in Yerevan (Republic of Armenia).