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Trade disputes prevention on agenda of Eurasian Week in Bishkek

19 August 2019 20:55

MOSCOW. KAZINFORM Overproduction and prevention of trade disputes in the markets of the Asia-Pacific region and the Eurasian Economic Union (EAEU) will be on the agenda of the 4th International Exhibition Forum Eurasian Week 2019 due in the Kyrgyz capital Bishkek on 25-27 September, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

The program of the forum will include the panel discussion «The EAEU: integration into the global market and opportunities in the Asia-Pacific region» on 25 September. «At present, the EAEU member states seek to capitalize on the achieved integration of their economies into the global market. Expanding into the Asia-Pacific region is promising as the region comprises steadily developing economies with a growing demand. Taking into account the growing potential of this region, we should define new vectors to expand mutual presence in markets, find factors which promote cooperation and trade. All these matters will be discussed at the forum,» said Veronika Nikishina, Member of the Board (Minister) for Trade of the EEC.
Participants of the panel discussion are also set to identify commodity and services markets with the greatest growth prospects and the best opportunities to increase merchandise export. Also high on the agenda will be ways to address problems of overproduction to prevent trade disputes and avoid risks of hampering economic development in cooperation with the Asian-Pacific countries.
Invited to take part in the panel discussion are Belarus Economy Minister Dmitry Krutoi, Armenia Minister of Economic Development and Investments Tigran Khachatryan, Kazakhstan Minister of Trade and Integration Bakhyt Sultanov, Kyrgyzstan Minister of Economy Sanzhar Mukanbetov, Belarus First Deputy Minister of Foreign Affairs Andrei Yeudachenka, Director General of the Russian Export Center Andrei Slepnev, President of the Kyrgyz Union of Industrialists and Entrepreneurs Danil Ibraev, President of the Korea Institute for International Economic Policy Lee Jae-Yeon, Deputy Secretary-General for ASEAN Economic Community Aladdin Rillo, Secretary General of the Shanghai Cooperation Organization Vladimir Norov, China Vice Minister of Commerce Wang Shouwen, and others.
The EEC noted that since its foundation the EAEU has pursued an open policy of integrating into the multilateral trading system and using regionalization to come onto new markets. Mutual trade between the EAEU member states and the Asia-Pacific countries constantly grows and exceeded $294 billion in 2018, amounting to almost 40% of the total EAEU trade. In October 2016, the EAEU signed a free trade agreement with Vietnam and is currently working to sign similar agreements with Singapore and India. A trade and economic cooperation agreement between the EAEU and China will come into force soon. The EAEU has also concluded memoranda of cooperation with Bangladesh, Cambodia, the Republic of Korea, Peru, Thailand, Chile, and Ecuador.
The Eurasian Week is an annual event held by the EAEU member states and the EEC in line with the decision of the EAEU countries' prime ministers of May 2015. The event comprises business events and an exhibition. The first forum took place during the Moscow International Forum Open Innovations in Russia in October 2016. The second forum was held as part of Expo 2017 in Astana, Kazakhstan in August 2017 and was named one of the 18 most significant events of Expo 2017. In 2018, the Eurasian Week was hosted by Yerevan, Armenia and drew around 3,100 representatives of government bodies, the private sector, and expert community of the EAEU, Singapore, the EU, the Republic of Korea, Chile, Vietnam, Egypt, Iran, and other countries.