EEC identified measures to achieve EAEU economic growth of 4.5-5.5% per year

It bears reminding that the main guidelines were approved by the Supreme Eurasian Economic Council on May 21 of this year. The Union countries’ growth target of 4.5-5.5% per year has been laid down in the document.

The measures included in the list for implementing the main guidelines have been grouped into four directions.

1. Ensuring macroeconomic stability and forming favorable conditions for the recovery of the entrepreneurial activity and the investment increase.

The direction includes measures to maintain price stability through implementing an efficient monetary policy, developing financial market mechanisms to attract long-term investment resources, ensuring the protection of competition in transboundary markets, promoting the transition to settlements in national currencies and other measures.

2. Creating favorable conditions for the development of industrial cooperation in the manufacturing industry.

In particular, it is planned to develop credit mechanisms for cooperation and production of jointly manufactured products, develop and implement the Eurasian interstate programs and form a list of joint large-scale high-tech projects that can become symbols of the Eurasian integration.

3. Developing the Union's scientific, technological and production potential.

The direction provides for developing a procedure for mutual information sharing between the States about plans in the field of fundamental and applied scientific research, specifying criteria for joint research, interaction between the Member States in the field of energy conservation, energy efficiency, the use of renewable energy sources and environmental protection.

4. Expanding the possibilities of the Union's internal market and mutually beneficial relations with third countries.

In this direction, it is planned to make an emphasis on expanding financing instruments used by existing development institutions, developing proposals for forming a common exchange market of goods within the Union, eliminating existing and preventing the emergence of new obstacles in the Union’s internal market. Special attention is paid to the Union’s positioning as one of the centers of forming the integration contour of the Greater Eurasian Partnership as well as developing mutually beneficial relations with third countries, international organizations and integration associations.

The list includes measures to be implemented by the countries and the Commission as well as the expected economic effect of their implementation.