Ministry of Economic Development of the Russian Federation
Ministry of Economic Development of the Russian Federation
Mikhail Babich: We shall ensure macroeconomic stability in the face of a pandemic
3 October 2020 14:07

During the meeting of the Council of the Eurasian Economic Commission held on October 1, 2020, the Deputy Prime Ministers of the five countries approved a list of measures to implement the main guidelines for the macroeconomic policy of the EAEU member states for 2020-2021. As noted by the First Deputy Minister of economic development of Russia Mikhail Babich: "Within the EAEU framework, we have agreed to synchronize our joint actions in the implementation of macroeconomic policy, which will increase its effectiveness in a difficult epidemiological situation." The approved measures are designed to ensure the stability of the Union countries economies, as well as to ensure the growth of investment, the development of scientific and industrial potential of the five states.

The Council members discussed mechanisms to ensure the free movement of citizens across the territory of the EAEU member states in the context of the ongoing coronavirus pandemic. The national sanitary and epidemiological services are currently working on a list of documents required for movement throughout the Union. At the same time, the Deputy Prime Ministers agreed to extend the tariff relief for certain types of medical products, which will allow providing medical institutions with all necessary goods as quickly as possible.

The Deputy Prime Ministers reviewed the progress in liberalizing trade in services. Following the discussion the parties approved the proposal of the Ministry of Economic Development joint approaches to determining substantial equivalence of the regulation which allows transferring a particular services sector in the regime of the common market. The decisions taken will help avoid disagreements on these issues, which will make the functioning of the common market of the EAEU more efficient.

During the meeting, the parties signed an Agreement on common approaches to state supervision of compliance with technical regulations of the Eurasian Economic Union. Harmonization of national legislation in this area will ease the administrative burden on business in the EAEU countries.

The Council members summed up the work of the working group on developing a mechanism for settlements in national currencies with the settlement and clearing system of the Eurasian Development Bank. They agreed to continue this work within the framework of the working group on de-dollarization of settlements in mutual trade within the Union.

The approved at the Council main directions of the EAEU international activity for 2021 will contribute to improving the international status of the Union. The document is being prepared for signing by the heads of state at the next Session of the Supreme Eurasian Economic Council.

In order to support national beet sugar producers, the Council members agreed on the terms and format of joint work proposed by the Russian Ministry of Economic Development to unify the trade regime for white sugar imported from the CIS countries.

The next meeting of the Council of the Eurasian Economic Commission will be held on October 30, 2020.

Дата публикации: October 3, 2020
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