The Memorandum was elaborated with due regard to the perspectives for development of the Eurasian Economic Union and reflects the need to update the legal and contractual framework for the parties' cooperation.
The document is intended to update existing mechanisms for joint work and supplement them with new areas of interaction that are in line with economic and technological realities.
In particular, it envisages the development of support tools for implementing joint cooperative projects in the manufacturing industry and the agricultural sector, as well as the improvement of financial support mechanisms for the export of products jointly manufactured by the EAEU countries. The new Memorandum also lays the groundwork for developing interaction between the parties in expanding the use of information technologies and artificial intelligence.
“The signing of this Memorandum is an important step in strengthening the partnership between the EEC and the EDB. The document will serve as a solid guideline for our future joint efforts to promote integration projects that have economic potential and require adequate investment support,” concluded Bakytzhan Sagintayev, Chairman of the EEC Board.
The previous Memorandum of Cooperation between the EEC and the EDB was signed in 2013.
The EDB Participating States are: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan.
