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Call for new strategy to promote exports outside EAEU Economy

20 August 2019 20:53

MOSCOW. KAZINFORM The current macroeconomic situation in the Eurasian Economic Union (EAEU) amid external challenges was discussed at a meeting of the economy ministers of the EAEU member states in Kyrgyzstan, BelTA learned from the press service of the Eurasian Economic Commission.

«The participants of the meeting focused on the impact of restrictions in trade on the macroeconomic situation in the EAEU member states and integration processes. They also discussed the preparation of the document that outlines strategic areas for Eurasian economic integration through 2025,» the press service said.

Key challenges were named that impact directly or indirectly the national economies of the EAEU countries and the macroeconomic sustainability of the union. They are the slowing down of the global economy, the decrease in prices for raw goods, risks related to the escalation of trading and economic controversies. The participants of the meeting stressed that it is necessary to take into account the worsening external conditions in making up forecasts and improving economic governance mechanisms. «They emphasized the need to continue working towards removing non-tariff barriers and also barriers in mutual trade, and agreed to develop effective mechanisms of cooperation for the implementation of the main provisions of the declaration on further development of integration processes signed by the EAEU heads of state on 6 December 2018. The participants of the meeting suggested developing a strategy to promote exports outside the union, expanding cooperation with third countries to diversify trading flows,» the press service said.

The parties agreed to continue the exchange of opinions on the most important issues of the EAEU macroeconomic policy, including through regular meetings of the EAEU economy ministers and representatives of the Eurasian Economic Commission.