The Chairman of the EEC Board Tigran Sargsyan participated in the Annual Meeting of the World Bank and the International Monetary Fund
On October 7-9, 2016 in Washington, the Chairman of the Board of the Eurasian Economic Commission (EEC), Tigran Sargsyan, participated in the Annual Meeting of the World Bank and the International Monetary Fund (IMF). The participants of the event representing the organizations discussed a wide range of issues.
During the visit, Tigran Sargsyan met with the World Bank Vice President for Europe and Central Asia Cyril Muller. The discussion touched upon building solid foundations for cooperation between the World Bank and the EEC, including the institutionalization of the relations between the parties, as well as substantive aspects of development of the world economy and regionalization processes, the prospects for structural reforms in the region, digital transformation in the Eurasian Economic Union.
Tigran Sargsyan noted the common goals and objectives of the EEC and the World Bank in terms of ensuring sustainable economic development in the region. "It is difficult to overestimate the role of the World Bank in addressing global objectives and overcoming the challenges of the world development, including areas such as financial assistance and support for structural reforms in the countries, consultation on increasing competitiveness and social and economic development. One of the key objectives of the functioning of the Eurasian Economic Union is also providing quality and sustainable economic growth of the Member States. Our task as a supranational regulatory body is to create added value for the economies of the Union Member States and to establish the most modern jurisdictions and regulatory environment in these areas," Tigran Sargsyan said.
The Chairman of the EEC Board explained that currently the transition from the stage of establishment of the Union institutional framework to the development of second and third level documentation was underway for proper functioning of the common market, holding common, agreed, coordinated policies. "The efforts of our countries and their coordination within the Union helped overcome difficult economic challenges of 2015-2016. In 2017-2018, the Commission predicts growth of business activity in the Member States and the Union as a whole. Despite the existing challenges of the world economy development, to which the Union is ready to respond quickly, we keep committed to realizing the long-term goals, including in the framework of cooperation with third countries, international organizations and regional groupings," Tigran Sargsyan said.
In his turn, Cyril Muller stated that he was happy to meet with Tigran Sargsyan in a new role of the Chairman of the Eurasian Economic Commission. He noted that cooperation with the EEC "can multiply the positive results of the work of the World Bank with individual Member States of the EAEU”. The WB Vice President also noted that he supported the idea of institutionalization of relations between the World Bank and the EEC. According to him, this will make it possible for the parties to work more effectively for facilitating economic growth and structural changes. "We should not limit ourselves to the exchange of information, we in cooperation must infuse our relationships with more content," Cyril Muller said.
Tigran Sargsyan also participated in the business lunch with the representatives of the business community of the United States. The meeting was organized with the support of the U.S.-Russia Business Council. It was attended by the representatives of management of Coca-Cola, AmGen, Citigroup and other companies. During the meeting, the representatives of American businesses provided the Chairman of the EEC Board with the information about investment in the economies of the countries of the Eurasian Economic Union and their proposals for the development of mutually beneficial cooperation.
Press-release at the official Eurasian Economic Commission web-site