Possibilities for long-term and mutually beneficial cooperation in the agricultural sector within the Eurasian Economic Union were assessed during the Russia-Armenia business dialogue at the St. Petersburg International Economic Forum.

"The Union's food security level has reached 92%, confirming its economic sustainability. At the same time, there are still some segments where the Member States can strengthen the stability of the common agricultural market," stated Goar Barseghyan, Minister in charge of Industry and Agriculture of the Eurasian Economic Commission.

In order to improve competitiveness, create conditions for steady economic growth of the industry and build efficient supply chains, the Commission, in cooperation with businesses, is working to expand the mechanism for financing cooperative projects to the agricultural sector.

According to the EEC Minister, promising areas have been identified for implementation in such fields as selection and seed production, animal husbandry, processing of agricultural produce, as well as agricultural infrastructure.

"The creation of such a financial instrument is a significant practical step to support initiatives of the real sector, allowing leveraging the scale of the Union's common market and utilizing technological and production competencies of our countries," Goar Barseghyan noted.