The American business is exploring prospects of cooperation with the EAEU countries
The conference “Doing business with the Eurasian Economic Union” organized by “Eurasia” Center and “Eurasian Business Coalition” with the support of the Embassy of the Russian Federation in the United States was held in Washington. The Deputy Director of the Integration Development Department of the Eurasian Economic Commission (EEC) Saadat Asanseitova spoke about the current state and prospects of the Eurasian Economic Union (EAEU).
The conference was attended by representatives of diplomatic missions of Armenia, Belarus, Kyrgyzstan, Russia, and China in the United States, as well as American business, business associations of the EAEU.
Saadat Asanseitova noted the constructive dialogue between the EEC and the American businesses that the parties managed to establish recently.
“It is important that the business communities of the United States and the EAEU States want to use the opportunities of the Eurasian economic integration despite the difficult external economic environment,” said the EEC representative.
She drew attention to the fact that the trade turnover between the EAEU countries and the United States of America in 2014 reduced by more than a quarter, the decrease in trade with Armenia, Belarus, Kazakhstan, and Russia was observed. In 2015 and 2016, this trend persisted. Part of the reason for the decline is the reduction in the prices of basic exports and imports products of the EAEU and the USA. But the main reason is the sanctions, the effects of which were felt by all the Union members.
Noting that the decline in trade between the EU and the EAEU was even more noticeable (over 40%), Saadat Asanseitova stressed that in the background of the deteriorating positions of partners from Europe and the United States in the Union markets, Asian countries are stepping in. For the period from January to August 2016, imports of the EAEU from the APEC countries exceeded imports from the EU for the first time.
The conference program included several thematic panels on various aspects of the EAEU development, including cooperation and infrastructure projects with the BRICS countries, evaluation of peculiarities of the growth in energy and IT spheres, education, as well as in the field of space research. Separate sessions were dedicated to legal regulation of trade and economic relations within the Union, and implementation of international investment projects with the EAEU Member States.
Press-release at the official Eurasian Economic Commission web-site