EAEU and SCO strengthen their multi-faceted economic partnership

Mikhail Myasnikovich, Chairman of the EEC Board, and Zhang Ming, SCO Secretary General, discussed economic cooperation matters during their meeting in Moscow on March 17. It was decided to intensify joint practical activities in the field of transport and logistics, as well as to stimulate integration of currency and payment systems for making independent cross-border payments.

According to Mikhail Myasnikovich, the SCO and EAEU economic agendas have the potential to complement each other and define the global landscape. "In 2022, the EAEU–SCO trade turnover amounted to 270.2 billion USD having increased by over 40% in one year," noted the Chairman of the EEC Board.

The Parties confirmed their commitment to signing the Joint Action Plan to Implement the Memorandum of Understanding between the EEC and the SCO Secretariat. The document is at the final approval stage and might be signed as early as in May this year.

The Head of the EEC Board told that the Commission had prepared a concept for implementing a transport and logistics megaproject designed to connect the territory of the Eurasian region. This project is currently being reviewed by the SCO.

Mikhail Myasnikovich and Zhang Ming stressed the importance of expanding mutual settlements in national currencies and cooperation in integrating currency and payment systems to make independent cross-border payments, as well as financing trade and investment.

The EAEU did good groundwork: as of year-end 2022, the share of settlements in national currencies within the Union equaled 80%. We believe that it is necessary to ensure synchronization of payment and settlement infrastructures of the EAEU and SCO. We will soon submit our proposals," noted Mikhail Myasnikovich.

The Chairman of the EEC Board invited the SCO Secretary General to take part in the 2nd Eurasian Economic Forum to be held in Moscow on May 24–25. The Forum will host a special session, EAEU – SCO – BRICS: Open Integration Dialog.

In his turn, the SCO Secretary General invited Mikhail Myasnikovich to pay an official visit to the SCO Secretariat in Beijing.