"As of year-end 2021, the trade turnover between the EAEU and the SCO countries not being the EAEU members increased by 31.9% compared to 2020 - up to 198.6 bln US dollars," the Head of the EEC Board stated. "And mutual trade has grown by another third over the first six months of this year".
The parties agreed to sign an Action Plan for implementing the Memorandum between the EEC and the SCO Secretariat in the near future. The document is at the final stage of approval and will lay the groundwork for further synergy of the two associations’ potentials.
Mikhail Myasnikovich, Chairman of the EEC Board, proposed to develop joint transport and logistics megaproject designed to integrate the territory of the Eurasian region. The initiative is planned to be discussed within the upcoming expert consultations of the two associations. The EAEU is ready to present its own best practices in the field of customs transit, and digitalization of transport corridors and routes.
During the meeting, the Chairman of the EEC Board handed over materials on the project of creating a showcase of national services of the EAEU ecosystem of digital transport corridors to the SCO Secretary General.
The Eurasian Intergovernmental Council’s meeting held in August approved a list of priority infrastructure transport projects in the EAEU countries. In total, the list includes seven projects of the EAEU countries at various stages of implementation. Along with that, all of them are aimed at developing the Eurasian transport corridors and routes, transit potential and transport infrastructure, which is included in the international transport corridors "East-West" and "North-South", including as part of coupling with the Chinese Belt and Road Initiative.
The SCO Summit plans to consider a strategic document on developing interconnectedness and efficient economic transport corridors. The proposals for creating new routes almost completely coincide with the goals and objectives defined in the EAEU strategic documents.
Besides, Mikhail Myasnikovich and Zhang Ming stressed the need to joint efforts of the EAEU and the SCO in working on a number of priority areas, in particular mutual settlements in national currencies and integration of currency payment systems based on using national currencies for cross-border payments, trade and investment financing, and strengthening interaction between business circles and young people.
This is the second meeting of the Chairman of the EEC Board and the SCO Secretary General in 2022. Last year, the EEC and the SCO Secretariat signed a Memorandum of Understanding. In May 2022, the Chairman of the EEC Board and Zhang Ming, SCO Secretary General, held a meeting in Moscow, where the parties discussed practical steps to extend and deepen cooperation. The SCO Secretary General also attended the First Eurasian Economic Forum in Bishkek and the St. Petersburg International Economic Forum in St. Petersburg this year.