News
Union States are intensifying efforts to develop trilateral cooperation projects
On September 13, the Eurasian Economic Commission hosted the first meeting of the Commission on Cooperation and Import Substitution in Priority and High-Tech Industries within the Eurasian Economic Union chaired by Artak Kamalyan, EEC Minister in charge of Industry and Agriculture.
The meeting participants – deputy heads of the EAEU executive authorities and sector-specific business groups – discussed a number of key issues related to mechanisms for supporting cooperation and import substitution at the level of the Eurasian Five countries.
“Since the transformation of the high-level working group into the Commission on Cooperation and Import Substitution in December last year, the EEC Industrial Unit, together with the authorized authorities of the Union countries, has carried out coordinated and productive work, and today, in order to promote the development of joint cooperation projects of the Union states in priority sectors, we need to make decisions on a number of important issues,” said Artak Kamalyan.
The Commission members decided on the need to intensify the work by the executive bodies of Member States to develop such cooperative projects with the participation of three or more EAEU countries. The meeting participants noted the importance of the new supranational mechanism for financial assistance to cooperation projects, which provides for subsidies from the Union budget covering part of the interest rate on loans issued by financial organizations.
“Currently, the relevant provision is being finalized to guide the selection and implementation of joint projects. The new mechanism will significantly help realize the accumulated potential for developing and strengthening the real sector of the economy”, noted the EEC Minister. “Therefore, it is necessary to work more actively with the businesses of our countries to develop promising cooperation projects.”
As part of the discussion, the parties noted the expediency of consolidating the EAEU industrial potential through the establishing non-financial mechanisms for promoting cooperation development, and also agreed to update the EAEU Industrialization Map posted on the official website of the Union. Today, this document includes 158 major investment and significant projects in 25 industries.
The meeting also approved further work on developing the EAEU electronic service containing information about industrial and innovative infrastructure of Member States.
For reference
The Commission on Cooperation and Import Substitution in Priority and High-Tech Industries within the Eurasian Economic Union was established by Disposition No. 225 of the EEC Board dated December 20, 2022.
The main objectives of the Commission are comprehensive assistance in organizing work on cooperation and import substitution in priority and high-tech industries at the Union level; development of mechanisms and tools to support cooperation and (or) import substitution in priority and high-tech industries at the Union level; assistance in building cooperative import substituting production chains at the EAEU level; development of proposals aimed at increasing the competitiveness of high-tech products produced in the Union States in the domestic and foreign markets; development of measures aimed at meeting the needs of the domestic and foreign markets for competitive high-tech products produced in Member States.
