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A regular meeting of the Supreme Eurasian Economic Council was held on May 21, 2021. State leaders set goals and objectives for the Union's development for the near future.
The Ministry of Economic Development of Russia was represented by the Minister Maxim Reshetnikov and the Deputy Minister Dmitry Volvach.
The Supreme Council has approved the main macroeconomic policy guidelines for the member states of the Eurasian Economic Union for 2021-2022 developed under the coordination of the Ministry of Economic Development of Russia. The document identified the short- and medium-term objectives most relevant to the economies of the Union, which, if implemented, would enable people in the Member States to cope more quickly with the consequences of the economic downturn caused by the coronavirus pandemic.
Among other things, there are plans to develop financial market mechanisms to increase opportunities for attracting long-term investment resources. This will allow the implementation of large investment projects within the Union. Proposals will also be made to establish credit mechanisms for cooperation and the production of jointly manufactured products.
Much emphasis has been placed on health care, improving the quality and accessibility of medicine for the citizens of the Union, which is a strategic objective in the context of the ongoing pandemic of coronavirus infection.
In order to unify the legislation of the EAEU Member States, the Supreme Council adopted a list of measures for the harmonisation of the regulatory framework in the areas of variety testing and agricultural seed production. The measures will reduce the administrative burden on businesses and promote agricultural production in the Union.
"The meeting of the Supreme Eurasian Economic Council confirmed the high degree of readiness of the countries to follow the path of developing integration, removing barriers to trade, creating common markets for the growth of the economies of the Union countries, in order to improve the living standards of the citizens of our states. A clear priority in light of the ongoing fight against pandemics is to improve the health system in order to provide strategically important medicines to citizens of the Union. The Union has been working together to implement the digital project 'Travel without COVID-19', which has made it possible to open borders and make mutual travel of citizens within the Union safe," Dmitry Volvach said following the meeting of the Supreme Council.
During the meeting, it was also noted that, despite the difficult economic period of 2020, it has been possible to reduce the number of barriers to the internal market of the Union by 37%.
Successes were also noted on the international level. For example, Cuba and Uzbekistan have joined the EAEU as observers, demonstrating the Union's increasing potential in the international arena.