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This was said by Andrey Slepnev, Minister in charge of Trade of the Eurasian Economic Commission, in his speech at the business breakfast themed "Development of International Business Cooperation" that was hosted by the Agency for Strategic Initiatives and Business Russia Organization.

"The whole world has entered a transformation streak and this transformation is multidimensional: it is related to changes in logistics, inflation, the financial system and revision of international trade rules. The transformation is vigorous and it can be already said that some contours of the future system are manifesting," noted Andrey Slepnev.

In his opinion, the multipolarity idea no longer has only a political ring to it but is beginning to translate into action. On the one hand, regional cohesion is obviously strengthened. On the other hand, multilateral international institutions, in particular the World Trade Organisation, continue to stagnate.

In that regard, the Minister reminded that despite all the difficulties the year gone by proved to be quite fruitful for the Eurasian Economic Union. Primarily, in terms of working in the context of unprecedented challenges, be it COVID-19 implications with multiple restrictions or challenges due to geopolitical tensions. In both cases the Union succeeded in addressing the issues of supplying essential goods and foodstuffs to the market and meeting the internal demand due to sanctions pressure and disruption of established product supply chains.

"We also feel very clearly the intensifying ties within the framework of the Greater Eurasian Partnership idea," stressed Andrey Slepnev. The Western cooperation contour, according to him, lost its priority for an indefinite period. At the same time, another record in trade with China is expected – more than 200 bln US dollars by year-end 2022; trade turnover with India is growing over 2.5 times; after a 60% growth last year, trade with Iran will increase by another 40%. Notably, a new comprehensive trade agreement that might be concluded with the Islamic Republic as early as next year, will give an impetus for increasing the volume of mutual supplies.

"We are reaching new multi-polar solutions. Around 20-25% of trade with China is in our national currencies, we are phasing out US dollars. In summer, we started to trade currency pairs with Iran. We are actively developing relationships with the Arab East, in particular with the UAE. That is, all those new solutions that the situation made us activate and accelerate pretty much exist today: settlements, logistics, regulations are in place," told the EEC Minister in charge of Trade. 

However, despite the existing positive aspects, the challenges definitely remain. But these challenges give opportunities for businesses and international cooperation, believes Andrey Slepnev. One of the most interesting here is the logistics issue: prospects for developing the North-South economic corridor, alternative options of the West-East route and other projects. 

For the Minister, another major cooperation prospect is the agenda of industrial cooperation, import substitution and technological variability. "Perhaps, the key decision that was recently adopted by the heads of state at the recent summit in Bishkek is to launch the mechanism for our all-Union subsidizing of cooperation projects," reminded Andrey Slepnev. 

In conclusion of his speech the EEC Minister in charge of Trade forecast that 2023 would be intense and would require even more active work. Specifically, there are worrying recession signs, therefore timely solutions will be required to respond to arising challenges.

"As diplomatic corps is widely represented here, I would like to reaffirm that the EAEU is an economic association aimed at developing economies and business ties. We work systemically, in the common interests of our Member States and are reliable partners for all your countries, too," said Andrey Slepnev addressing the meeting participants.