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New joint production areas represent one of the promising lines of cooperation in the EAEU. This was announced by the Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach at the session at the SPIEF - "EAEU: successes and challenges of integration, a new development paradigm".
According to him, each country, becoming a full member or an O-member of the EAEU, should see specific benefits from this status. In this context, the Deputy Minister stressed: “The union has proven its ability to withstand external challenges and demonstrated efficiency and efficiency in decision-making. The EAEU is now entering a new stage of development. Today the main Union’s goal is to become a platform and driver for the employment of the maximum economic potential and effective development strategies of each member state of the Union, as well as to increase its key role in establishing the Big Eurasian Partnership”.
“Joint cooperation projects are an important indicator of deepening integration. Along with the supply of the Russian vaccine against COVID-19 to the EAEU member states, the organization of joint production areas seems to be a promising line. This is already in the plans of the Russian Direct Investment Fund. "Such joint ventures are especially promising for the markets of the Big Eurasian Partnership, including India, Pakistan and Southeast Asia,” he stressed.
Dmitry Volvach said that one of the most ambitious tasks is planned for January 1, 2025, namely the launch of a common energy market. “We understand that the launch of common markets for energy resources is one of the priority areas for all the EAEU member states, which should positively affect the development of competition among economic entities of the energy markets in the Union member states, stimulating them to renew basic production assets. The successful development of the Union and its positioning as an integral part of world politics is the main task and challenge for all of us,” he added.
The Deputy Head of the Ministry of Economic Development focused on the importance of digitalization. “The digital employment service in the EAEU area – “Work without borders” seems to be in great demand. It is planned to start on July 1, 2021. To restore business activity, another service “Traveling without COVID-19” was introduced, with the help of which citizens of the member countries can cross the borders of the EAEU member states under persisting coronavirus restrictions. Projects implemented in the EAEU area helped to timely neutralize the consequences of the pandemic, create a comfortable environment for business. To date, the application has been installed on the smartphones of more than 200 thousand users. Over 250 thousand results of PCR tests were uploaded in the Application. In addition, Tajikistan joined the service today as a member of the Eurasian Development Bank,” he said.
Within the framework of the EAEU, comfortable conditions have already been created in the labor market of the member states, projects are being successfully implemented under the auspices of the Eurasian Development Bank (EDB), the Eurasian Fund for Stabilization and Development; much has been done in terms of improving technical regulation, a network of trade agreements with third countries has been created, additional efforts to align the positions of the member states in order to establish a joint financial market.
Systematic work is underway to remove barriers. In 2020, major progress was made to remove barriers. Managed to remove 37% of barriers in internal trade of the Union, which was a significant progress and the highest achievement since 2016. In the Russian Federation, under the coordinating role of the Russian Ministry of Economic Development, 12 barriers were removed, which was significantly higher than the indicators of other countries. The main goals of the Union today are to continue the unification of customs administration methods, measures of responsibility, so that all member states have fair and equal conditions.
“In the short term, the EAEU challenges to achieve the maximum removal of trade barriers; consistently and efficiently fulfill the obligations; ensure the development of infrastructure and intensify the implementation of cooperation projects; progressively ensure the full integration of the EAEU into global value chains, at the same time, develop innovative interaction, consistently move along the path of digitalization of the economies of our countries, implementing joint digital projects for the benefit of the EAEU’s citizens,” Dmitry Volvach concluded, recalling that all these tracks are fixed in the Strategic Areas of Integration until 2025 approved by the leaders of the EAEU countries.