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EAEU – SCO – BRICS: prospects for developing cooperation ties discussed at EEF
Goar Barseghyan, Minister in charge of Industry and Agriculture of the Eurasian Economic Commission, informed on the sidelines of the Eastern Economic Forum about the financial support mechanism for cooperation projects in the Eurasian Economic Union as well as prospects for developing cooperation ties between the EAEU countries, the SCO and BRICS States.
Speaking at the session “Cooperation in the Greater Eurasia: Experience in Developing Production Chains of the EAEU, SCO, and BRICS” organized by the EEC and the EAEU Business Council, Goar Barseghyan reminded the attendees that this year marked the 10th anniversary of signing the Treaty on the EAEU. The Minister noted that over this time the Union has demonstrated its efficiency and continues its dynamic development in the new geopolitical conditions.
The principle of four freedoms laid down in the Eurasian integration: free movement of goods, services, capital and labor has proved its efficiency owing to the removal of trade and administrative barriers”, Goar Barseghyan noted, highlighting the objectives of forming common cooperation and ensuring production activities among the priority ones for the EAEU.
“We have got an opportunity to subsidize the implementation of cooperative projects. This direction will certainly have a positive impact on developing the real economy of our countries,” the EEC Minister emphasized. ”This is the most important tool that will help us to strengthen cooperation and attract partners from third countries and integration associations”.
According to her, no less important objectives are the EAEU's positioning on the international stage as a pole of economic attraction and paying special attention to building a systemic dialogue with integration associations of regional economic cooperation, such as the SCO, BRICS and ASEAN, in the context of global changes in the world's economic architecture.
“In 2023, the trade turnover between the EAEU and BRICS countries amounted to 63 bln dollars, increasing by 26% compared to the previous year,” Goar Barseghyan told. “An important event was the signing of a full-fledged free trade area agreement between the EAEU and Iran. In August this year, the Commission hosted a meeting of the BRICS Ministers of Industry. We have put forward an initiative to use the EAEU+BRICS format as a permanent platform for dialogue on relevant matters of the real economy development“.
Goar Barseghyan also attended the session “Russia-ASEAN Business Dialogue,” where she reported on developing cooperation between the EAEU and ASEAN.
“The volume of foreign trade between the EAEU Member States and ASEAN participating countries exceeded 27 bln dollars in 2023 and has a significant growth potential, the first agreement on free trade area was signed with the Association member – Vietnam, and negotiations are underway with Indonesia. We have established relations in various formats with the governments of Cambodia, Indonesia, Myanmar, Thailand and Singapore, we organize major joint events, including the regular EAEU-ASEAN Business Dialogue. A Memorandum of Understanding on Economic Cooperation has been concluded and the EEC-ASEAN Cooperation Plan for 2021-2025 has been signed”, the Minister informed on the Commission's work in this field.
On the sidelines of the Eastern Economic Forum Goar Barseghyan also had a meeting with Tadzio Schilling, Director General of the Association of European Businesses. At the meeting, the sides discussed relevant matters of developing the industrial and agricultural sectors of the economy.
The EEC Minister also took part in the plenary session of the Eastern Economic Forum.
