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Trade turnover of EAEU countries with Moldova grew by 34% in three years

Trade turnover of EAEU countries with Moldova grew by 34% in three years

10/1/2020

The intensification of cooperation between the Eurasian Economic Union and the Republic of Moldova is yielding results: from 2016 to 2019, trade increased by 34.4%, reaching USD 1.9 billion. Exports rose by 36.5% to USD 1.4 billion and imports rose by 29% to USD 481.5 million. This was announced by the Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission Sergei Glazyev at the Russian-Moldovan Forum of Trade and Economic Cooperation on October 01.

As Sergei Glazyev noted, Moldova and the EAEU countries have special relations. In 2017, a memorandum of cooperation was signed, and in 2018 Moldova became an observer at the EAEU. Today, countries need to think about how to expand cooperation.

“The Moldovan economy is usually perceived as an agricultural one, although this is not entirely true. Large instrument-making facilities were created in Kishinev back in Soviet times. Scientific and technical potential is preserved, there are plans to activate it. We could find points of application of joint efforts to form modern science-intensive industries”, Sergey Glazyev said.

He noted that the mutual trade in “simple” products, which forms the basis of trade turnover, is close to exhausting its capabilities.

“The agricultural specialization of Moldova is not a disadvantage. We are all heavily dependent on imported products. For example, we import baby food, canned vegetables - obviously, there is a niche for joint production here. We, in turn, supply energy carriers to Moldova. Their processing and use as chemical raw materials also provides great opportunities for the creation of joint ventures oriented towards export to the European Union”,
Sergei Glazyev emphasized.

The EEC Minister drew attention to the fact that the draft Strategic Directions for the Development of Eurasian Integration until 2025 as a priority determines the need to expand production cooperation. Within the EAEU, cooperative supplies account for more than a third of mutual trade.

“As part of the draft Strategy-2025, we are starting to deploy such areas as the creation of joint infrastructure development programs, the formation of common priorities for scientific and technological development, the development of innovative projects. We expect the active participation of our observer state in this work”, Sergei Glazyev summed up.

For reference

The Republic of Moldova was granted the Observer State status at the EAEU on May 14, 2018 by the Supreme Eurasian Economic Council. The Observer State status at the EAEU enables the country to attend the EAEU governing bodies’ meetings by invitation without the right to participate in decision-making as well as to receive non-confidential documents being adopted by the governing bodies. The Plenipotentiary Representative of the Government of Moldova in the EEC is Oksana Grechany.​