The meeting of the Board of the Eurasian Economic Commission held on December 6 approved the report "On the results of the analysis of promising markets and industries for joint exports of the Member States of the Eurasian Economic Union". The document defines the vectors of cooperation in the field of industrial cooperation and exports in the format of the EAEU countries.
"The relevance of the analysis and conclusions of the report are due to the need to use the integration potential of the Union to support and develop industrial production and joint entry of our enterprises into foreign markets," said Nikolay Kushnarev, Director of the EEC Industrial Policy Department.
In 2021, the growth rate of supplies of cooperative goods between the Member States exceeded 38% and amounted to 37% in the framework of trade with third countries. These positive dynamics were influenced by the recovery of global demand and the rise in the price of raw materials.
In the structure of exports of intermediate (cooperative) goods from the Member States to third countries, the largest share fell on metallurgy products (43.7%), chemical industry (22.2%), woodworking (9.2%) and paper products (3.3%).
Thus, these industries have cooperative and export potential.
Also, regarding the current economic situation in world trade characterized by the need for rapid response to external challenges, one of the urgent issues today is the reorientation of export logistics chains, including to the internal market of the Union.
Based on expert approaches, a list of Top-20 priorities for cooperation with foreign partners has been formed. The top ten includes China, India, Egypt, Vietnam, Uzbekistan, UAE, Brazil, Indonesia, Mexico, and Turkey. The second group includes Azerbaijan, Serbia, Israel, Mongolia, Saudi Arabia, Thailand, Iran, Bangladesh, Senegal, and Algeria. Goods and industries promising for the development of exports and industrial cooperation have been identified for these countries.
"In order to strengthen the positions of our countries in foreign markets, we believe that it is advisable to take measures to stimulate cooperation and demand for goods with export potential. Attention should be paid to the development of green technologies in industry, the creation of conditions for the localization of production on the territory of the EAEU, the identification and removal of obstacles to cooperation and export, as well as the development of new mechanisms to promote the certification of industrial products in foreign markets and mechanisms for financing joint integration projects," Nikolay Kushnarev summed up.
Reference
In the report, cooperative goods are understood as products intended for use in the production of goods and provision of services and fully transferring their value to finished products during one production cycle. Cooperative supplies in the report are understood as foreign and mutual trade in other intermediate (cooperative) goods, which are products of the manufacturing industry in accordance with the distribution by type of economic activity.
