The EAEU updates trade policy priorities
The trade policy of the Eurasian Economic Commission and the countries of the Eurasian Economic Union (EAEU) in the past years needs an update of priorities. This was reported by the EEC Board Member - Minister in charge of trade Veronica Nikishina at the fourth conference “The Eurasian economic integration: moving forward, new horizons for business” organized by the Eurasian Economic Commission in conjunction with the American Chamber of Commerce in Russia (AmCham) and the American-Russian Business Council (ARBC).
"Modern trends in the development of the world trade reveal strengthening of interdependences of most countries in the world, which is manifested in the big quantity of emerging preferential trade agreements. In these circumstances, the EAEU is faced with a global task to develop new approaches to trade policy. The competition for trade markets is growing, and its unconditional necessity is to increase efficiency and safety of cooperation chains, ensure access to markets, attract finances and resources, particularly for developing countries and against the background of the growing impact of the political factor in international trade. In these circumstances, the Union is developing a proactive trade policy, a clear "map" for trade and economic cooperation," said Veronica Nikishina at the event.
According to the EEC Minister in charge of trade, the most effective and comprehensive solution for the development of exports through increase of competitiveness of own production, qualitative use of resource, geographic and industrial advantages of the Union countries is the conclusion of trade agreements. This will adjust the current trade policy and give further impetus to the development of the economies of the EAEU countries.
"We aim at shaping not just a network of bilateral free trade zones, but our own trading blocs: systems consisting of several FTZ and other trade and economic agreements that would ensure the formation of long-term, favorable, and stable economic environment, and a region of sustainable development. This measure is aimed at ensuring competitiveness," added the EEC Minister of trade.
Veronica Nikishina also noted that the dialogue on the formation of free trade zones between the countries will be based on three basic principles: the availability of export interest to access markets of countries with which the EEC and the EAEU countries start negotiations, mutual investment interests, and creation of mutually beneficial partnership models.
During the conference, the EEC Minister in charge of trade answered questions raised by representatives of the American business community and spoke about innovations in the field of trade in the territory of the Union. In particular, Veronica Nikishina explained in details the topical subject of introducing labelling in the EAEU and tariff and non-tariff measures of protection in the internal market.
Press-release at the official Eurasian Economic Commission web-site