Goar Barseghyan: "One of the significant achievements of the Eurasian integration is the financial support mechanism for the EAEU cooperative projects"

On April 19, Goar Barseghyan, Minister in charge of Industry and Agriculture of the Eurasian Economic Commission, spoke at the plenary session "The Greater Eurasian Partnership – an initiative that can unite States and integration associations for equal and fair cooperation" of the World Forum "New Era – New Ways". 

Goar Barseghyan has noted that the Eurasian Economic Union occupies a rightful place among the regional economic alliances and plays a key role in strengthening the Member States' economies and ensuring their harmonious development. The EAEU positioning as one of the economic centers of forming the integration contour of the Greater Eurasian Partnership is defined as one of the key priorities of the Declaration on further development of the Union until 2030 and for the period until 2045 "The Eurasian Economic Path".

The EEC Minister emphasized that the Union systematically builds the infrastructure of international dialogue with the largest regional associations, which form the core of the Greater Eurasian Partnership. These are the CIS, SCO, BRICS, African Union and other interested associations and States.

“The EAEU is open to dialogue with third countries, regional integration and interstate associations. This year, one of the Eurasian Economic Union countries – the Russian Federation – presides over BRICS, and we plan to hold a meeting between BRICS and EAEU Ministers of Industry in August 2024 in Nizhny Novgorod," Goar Barseghyan said.

The Minister paid attention to developing the transport and logistics sector and using transit potential as important elements of economic interaction to access foreign markets. In her opinion, implementing the "Crossroads of the World' project proposed by the Republic of Armenia, which presides over the Union's governing bodies this year, will help connect the Eurasian region countries by roads, railroads, gas pipelines and power transmission lines.

Sharing the EAEU successes, Goar Barseghyan noted that the Union pays special attention to developing real economy, including in the manufacturing industry and the agricultural sector.

"In 2023, the EAEU countries' industry demonstrated an upward trend in the industrial output indicators – by 3.7% compared to 2022. Such growth was registered in all the Union countries. The upward trend in production indicators has intensified this year and reached 6.6% in January-February", she said.

The introduction of the financial support mechanism for cooperative projects in the EAEU was one of the significant achievements at the current stage of the Eurasian integration. In her opinion, this is a new level of integration in the real economy.