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Russia Expands Cooperation to Create Single Market of Transport, Energy Resources within EAEU
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Eurasian Intergovernmental Council concludes with agreements to expand cooperation energy, agriculture, transport, civil aviation and finance
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Armenian capital city Yerevan hosted the Eurasian Intergovernmental Council meeting on October 1, 2024
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Crossroads of Peace project of Armenia to contribute for the development of trade and economic cooperation between all Eurasian Economic Union (EAEU) countries
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Engagement of Iran in cooperation with the Eurasian Economic Union (EAEU) expands the possibilities of economic interaction said Armenian Prime Minister Nikol Pashinyan
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Cooperation will enable the Eurasian Economic Union (EAEU) to become a leading successful union said the Russian premier
- Moscow to Host next meeting of Intergovernmental Council on December 12–13, 2024.
By: Muhammad Arif, Editor NSN.Asia
Islamabad: Eurasian Intergovernmental Council meeting was held on October 1, 2024 in Yerevan, the Armenian capital city wherein Heads of Government of the Eurasian Economic Union (EAEU) countries gathered to discuss the current state of cooperation, and draft the guidelines for future development in the fields of energy, agriculture, transport, civil aviation and finance.
The participants discussed the infrastructure and agricultural logistics, law enforcement practice and antitrust regulation in cross-border markets, Eurasian Economic Union (EAEU) online trading platforms, technical regulation of online trade in the EAEU, as well as the prospects and advantages of the EAEU single electricity market.
Armenian Prime Minister Nikol Pashinyan welcomed the participants of the meeting, and wished them fruitful work and constructive discussions.
Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission, informed that the agenda of the meeting consisting of 22 matters.
The engagement of Iran in cooperation with the EAEU expands the possibilities of economic interaction and enjoys our full support, Armenian Prime Minister Nikol Pashinyan stated at the extended meeting of the Eurasian Intergovernmental Council, in Yerevan Tuesday
Welcoming the delegations from observer states Cuba and Uzbekistan, Pashinyan informed that the signing of the 2024-26 joint action plan with Uzbekistan is planned today, and it will contribute to the expansion of trade and economic cooperation.
According to him, Armenia gives priority to the negotiations on free trade with third countries, which are disposed to mutually beneficial cooperation. He noted that the unfulfilled task of creating a single market of energy resources considerably slows down the pace of development of the countries involved.
Speaking about the urgency of implementing an effective transport-logistics policy, the premier emphasized the Crossroads of Peace project of Armenia from the point of view of cargo transportation, which can contribute to the formation of the most favorable conditions for the development of trade and economic ties between all interested parties. Of course, under the condition of respecting the sovereignty, justice, equality, and reciprocity of countries, Pashinyan emphasized.
He added that for its part, Armenia is ready to fully ensure the safety of cargo and people transportation through its territory.
A single transport area and a single market of transport services are being formed within the Eurasian Economic Union (EAEU). Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission (EEC), announced this based on the results of the session of the Eurasian Intergovernmental Council held in Yerevan.
According to him, the work towards the implementation of a coordinated transport policy is still in progress. Today, the heads of governments of the EAEU member countries approved the roadmap for 2024-2026. Thus, a single transport area and a single market of transport services will be formed within the EAEU
Union has all the possibilities to become one of the poles of the emerging multipolar world: Russian Prime Minister Mikhail Mishustin
Russian Prime Minister Mikhail Mishustin, at the plenary session of the Eurasian Intergovernmental Council in Yerevan said; “The tenth anniversary of the EAEU has been completed. It’s not such a long time, but it can be safely said that the integration project has been established and is working successfully,” adding that the free movement of goods, services, capital, and labor is ensured, and relations are being built on the basis of mutual respect, equality, and consideration of interests.
The economic growth rates of the EAEU countries exceed the average global indicators, Mishustin said.
“The Union has all the possibilities to become one of the poles of the emerging multipolar world,” he stated, adding that this will depend on how well this potential will be realized, including using digitization processes.
Separately, the Russian PM noted the importance of joint cooperation in remotely controlled cargo transportation, and the development of technology on the basis of artificial intelligence (AI). As Mishustin noted, the competition in the AI sector is huge, and the countries that have such technology have a huge advantage.
Calling on partners to switch to Russian developments, Mishustin stated that the time will come to protect their developments from extra-regional companies.
“Cooperation will enable the EAEU to become a leading successful union, and effective digital transformation will ensure a leap into the future and the well-being of about 190 million citizens who live in our countries,” the Russian premier recapped.
The Eurasian Intergovernmental Council approved a Roadmap for the implementation of the transport policy of the Eurasian Economic Union member states for 2024-2026 at a meeting in Yerevan on October
Eurasian Economic Union leaders agreed to expand cooperation future development in the fields of energy, agriculture, transport, civil aviation and finance.
The Heads of Government of the EAEU countries discussed the current state of cooperation and outlined the guidelines for future development in the fields of energy, agriculture, transport, civil aviation and finance.
Heads of Government of the Eurasian Economic Union held talks on 22 issues at the meeting of the Eurasian Intergovernmental Council on October 1 held in Yerevan, Republic of Armenia.
- Cooperation on Common Electricity market
The Intergovernmental Council approved the Rules for Information Exchange in the Common Electricity Market of the Eurasian Economic Union. This is the final document in the set of rules for functioning of the common electricity market, the adoption of which is stipulated by the Treaty on the EAEU.
- Cooperation on Transport Policy
The road map for implementing the Main Directions and Stages of the Coordinated (Harmonized) Transport Policy of the Member States of the Eurasian Economic Union for 2024–2026 was approved.
- Cooperation on Civil Aviation
Heads of Government of the EAEU countries approved a disposition on harmonizing legislation of the Eurasian Five countries in the field of civil aviation. The governments of the EAEU countries will organize the work on harmonizing legislation of the Member States in accordance with the norms and principles of the International Civil Aviation Organization in the field of aircraft airworthiness until January 1, 2025.
- Common Exchange Market for Goods
Heads of Government of the Eurasian Economic Union signed the concept for establishing a common exchange market for goods. The main objectives of creating a common exchange market for goods are objective market pricing for exchange commodities, growing trade volumes in the Union, increasing the share of settlements in national currencies and the fair pricing for EAEU goods in the global market. At the same time, the issues of exchange trade in energy commodities will be coordinated as part of work on establishing common markets for energy resources.
- Import duty revenues BOOM IN Eurasian Economic Union countries
The Intergovernmental Council reviewed the report on crediting to and distributing between the budgets of the Eurasian Economic Union countries of import customs duties in 2023. According to the document, import duty revenues to the budgets of Member States increased by 46.8% compared to 2022, reaching a record of $14.8 billion. The amount of duties collected and distributed in 2023 is the highest since 2015.
- Main Directions of Industrial Cooperation within the EAEU
On October 1 in Yerevan, Heads of Government of the Eurasian Economic Union countries approved a medium-term strategic document — the Main Directions of Industrial Cooperation within the EAEU until 2030. The new medium-term benchmarks for industrial cooperation are in line with the trends of the Union industrial development.
Also approved are joint forecasts for agricultural sector development, balances of supply and demand of the Member States for agricultural produce, foodstuffs, flax fiber, rawstock, cotton fiber and wool for 2024–2025.
In addition, on the sidelines of the Eurasian Intergovernmental Council, Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission, and Abdulla Aripov, Prime Minister of the Republic of Uzbekistan, signed a joined action plan of the Eurasian Economic Commission and the Government of the Republic of Uzbekistan for 2024–2026.
Within the Eurasian Intergovernmental Council meeting, an official ceremony of stamp cancellation on the occasion of the tenth anniversary of signing the Treaty on the Eurasian Economic Union was held with the participation of the Heads of Government of the EAEU Member States.
- Moscow to Host next meeting of Intergovernmental Council on December 12–13.
The Intergovernmental Council decided that the next meeting will be held in Moscow on December 12–13.
The Eurasian Intergovernmental Council meeting was attended by Heads of Government of the Eurasian Economic Union countries: Nikol Pashinyan, EAIC Chairman and Prime Minister of the Republic of Armenia, Roman Golovchenko, Prime Minister of the Republic of Belarus, Oljas Bektenov, Prime Minister of the Republic of Kazakhstan, Akylbek Japarov, Head of the Executive Office of the President — Chairman of the Cabinet of Ministers of the Kyrgyz Republic, Mikhail Mishustin, Chairman of the Government of the Russian Federation, as well as Bakytzhan Sagintaev, Chairman of the Board of the Eurasian Economic Commission. Abdulla Aripov, Prime Minister of Uzbekistan, and Mohammad Reza Aref, First Vice-President of the Islamic Republic of Iran, also took part in the meeting.
