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Mikhail Myasnikovich: "The EAEU States’ economies are able to adapt to serious global challenges"

Mikhail Myasnikovich: "The EAEU States’ economies are able to adapt to serious global challenges"

This was stated by Mikhail Myasnikovich, Chairman of the Board of the Eurasian Economic Commission, at the plenary session of the International Online Investment Conference "From Recovery to Sustainable Growth" held on July 31.

As Mikhail Myasnikovich has stressed, the year 2020 has become a real challenge in ensuring the sustainable development of economies of the Eurasian Economic Union States. However, the situation is by no means critical, and recovery from the pandemic opens up new opportunities.

"Of course, there are some problems, but there is no critical situation, especially in the manufacturing industries. This indicates that the EAEU countries’ economies have made significant progress in their development and are able to adapt to global challenges. In five months of this year, the EAEU external trade turnover fell by 16.2% to 246.7 bln dollars, but this is mainly an oil factor. As for mutual trade, it decreased by 15% to 19.6 bln dollars, but now we are already seeing a fairly significant increase. This points to the economic stability and reliability of cooperation ties within the EAEU," Mikhail Myasnikovich reported.

He added that the agricultural output increased from 1.3% (Kyrgyzstan) to 4.1% (Armenia and Belarus), which is 3% for the Union as a whole. However, there was no significant inflation growth in the Member States.

The head of the EEC Board has stated the need to create new highly competitive industries in the EAEU that can both satisfy the needs of the internal market and engage external partners. According to him, nowadays the Union envisages to implement a whole range of investment projects that represent new trends in developing the Union and may become a kind of event horizon in developing the integration. This is the digital agenda, projects in construction, agriculture, chemical industry, and joint manufacture of finished medicinal products.

"We pay key attention to creating technological chains. If earlier, the economies within the framework of import substitution programs focused on their own possibilities, now we are talking about localization being considered regardless of the country where the added value was created. This opens up opportunities for forming the Eurasian goods market," Mikhail Myasnikovich said.

Despite the emerging isolation trends in the world economic development, the importance of constructive international interaction was stressed and promising areas of work were noted, including through cooperation between the EEC and the UN Conference on Trade and Development (UNCTAD).

The online conference was attended by representatives of 42 countries; it was organized by the National Agency for Investment and Privatization of the Republic of Belarus with the support of UNCTAD. Igor Petrishenko, Deputy Prime Minister of the Republic of Belarus and Chairman of the EEC Council, representatives of the World Economic Forum, UNCTAD, and the expert and business community spoke at the conference as well.​