17.06.2022 (Обновлено: 29.06.2022 12:23)

SPIEF-2022: particular proposals developed to stimulate trade and investment cooperation between EAEU and Latin America amid new economic reality

Participants of the Russia-Latin America Business Dialogue, held on June 16 as part of the St. Petersburg International Economic Forum discussed the issues of expanding cooperation between the EAEU countries and partners from the Latin American region in the light of the world economy transformation.

The Eurasian Economic Commission was represented by Sergei Glazyev, Minister in charge of Integration and Macroeconomics, who noted the need to strengthen cooperation between the EAEU and the Latin American region in order to overcome trade barriers that had arisen in the context of Western sanctions policy.

"The EAEU and Latin America are connected by a developed interaction infrastructure – a network of memorandums of cooperation, including with most of the international organizations that unite almost all countries of the Latin American region," Sergei Glazyev informed, "However, we still have to do a lot to receive the economic effect of in the form of steady trade growth, meeting our economic potential, and this work should be built in accordance with the new economic reality."

According to the Minister, the transition to a new currency system of commodity settlements could be the change required for raising trade between the EAEU and Latin America to a qualitatively new level.

"We are faced with the need to create a new world settlement currency based on international law in order to avoid further losses caused by sanctions," the Commission representative stressed.

Speaking about the growing role of BRICS in the process of creating a more fair and sustainable world order, Sergei Glazyev, like other session speakers, suggested that such interstate association could become a "core" that would launch a new monetary, financial, trade and economic architecture.

"BRICS includes countries located both in Eurasia and in Latin America and Africa. And it potentially surpasses the entire Western world in terms of population, economy, and scientific and technical potential. However, it is necessary to create efficient structures for this association to operate," the Minister noted.

On the sidelines of the Forum, Sergei Glazyev also held a working meeting with Ricardo Cabrisas, Deputy Chairman of the Council of Ministers of Cuba, where the parties determined the topics of the seminars planned for the third quarter of 2022 as part of the Joint Action Plan for 2021-2025. The EEC representative stated the high level of interaction between the Union and Cuba in the field of pharmaceuticals and congratulated this country on obtaining observer status at the EAEU Pharmacopoeia Committee.

In turn, Ricardo Cabrisas invited representatives of the EAEU to take part in the FIHAV Havana International Fair to be held in November 2022.

For reference

In 2021, the Union's foreign trade turnover with the countries of Latin America grew by 54.4% and amounted to 16.9 billion US dollars, in particular, the Union's exports grew 2.2 times to 8.7 billion US dollars, and imports grew by 17. 3% to 8.3 billion US dollars. The share of trade with the Latin American countries amounts to 2.1% of the Union's foreign trade turnover.

As part of interaction with the Latin American region, the EAEU develops a dialogue with integration associations (the Andean Community, the Pacific Alliance, the Common Market of South America (MERCOSUR), the Secretariat for Economic Integration in Central America (SIECA)), and cooperates with individual countries (Cuba, Chile, Peru, Ecuador, Nicaragua, Venezuela, Guatemala, Argentina, Colombia, Mexico).

The "Russia – Latin America" session was also attended by Ivan Acosta Montalvan, Nicaraguan Minister of Finance, Sergei Goreslavsky, CEO of Infotechspektr LLC (Rostec Group), Vladimir Ilyanin, Deputy Director of Gazprom EP International BV, Rodrigo Quevedo, CEO of Robotics Lab, Daniel Ortega Reyes, President of the Central American Parliament, Delcy Rodriguez Gomez, Vice President of Venezuela, Rogerio Rosso, Director of Uniao Quimica Farmaceutica Nacional SA, Alexander Sharabaiko, Member of the Management Board of PhosAgro PJSC, and others.