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Intergovernmental Council Approved Urgent Anti-Crisis Measures to Stabilize, Restore and Further Develop the EAEU Countries' Economies

Intergovernmental Council Approved Urgent Anti-Crisis Measures to Stabilize, Restore and Further Develop the EAEU Countries' Economies

On April 10, Members of the Eurasian Intergovernmental Council adopted a package of measures to be taken in the Eurasian Economic Union to ensure the vital needs of the population, maintain mutual trade and free movement of goods in the context of the COVID-19 pandemic, and create conditions for subsequent economic growth. 
According to the Chairman of the EEC Board Mikhail Myasnikovich, the Commission has restructured its activities and focused its efforts on solving daily acute problems. The set of measures was developed jointly with the Member States' governments.

"We have grouped the proposed measures into two major sections. The first section includes a package of urgent stabilization measures and provides for arranging interaction between the relevant authorized authorities in carrying out sanitary and epidemiological activities to prevent and minimize consequences of spreading coronavirus infection. To do this, it is also envisaged to hold consultations on balancing the food market and urgent logistic setup for the supply of essential goods," mentioned Mikhail Myasnikovich.

The block of urgent measures also includes the creation of a "green corridor" for supplying critical goods. This implies temporarily zeroing out import customs duties, simplifying customs procedures, including the possibility to automatically register declarations thereon and perform customs operations with regard to the goods required for preventing and eliminating consequences of the pandemic as a matter of priority. 

The first block of measures also includes introduction of single temporary restrictions on export of critical goods to third countries; prompt consultations at the level of Vice Prime Ministers of the Union countries – members of the Commission's Council – on draft national legal acts aimed at introducing temporary restrictions related to the exceptional need to respond to the spread of coronavirus infection; consultations of authorized authorities in the sphere of technical regulation; temporary reduction or zeroing out of import customs duties on components and materials for specific industries with regard to their economic and social significance, etc.   

Special attention was drawn to the need for carrying out joint activities to create antiviral drugs and vaccines and launching their mass production. There is also a need to ensure continued and uninterrupted public transportation and cargo services both within the Union and for transit purposes, taking into account the requirements for maintaining the sanitary and epidemiological welfare of the population.
"The second section covers systemic measures aimed at creating conditions for the recovery and further economic development. It focuses on ensuring macroeconomic stability and sustainable functioning of financial markets and payment systems, support for real sector enterprises, and more active participation of our regional financial institutions in supporting the economies," emphasized Mikhail Myasnikovich.

This block of measures also includes further digital transformation of trade, including wider use of electronic bills of lading and accompanying documents, digitized interaction of logistics operators, more extensive use of electronic digital signatures and technologies for automatic registration and release of imported, exported and transit goods.  
The meeting of the Intergovernmental Council noted that in the current situation it seemed appropriate to immediately start working out joint programs and projects in the field of medical and bioengineering technologies as stipulated by the draft Strategic Directions for Developing the Eurasian Economic Integration until 2025, and elaborate a concept of biological safety.