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EEC hosted the first meeting of Ministers of Industry of the Eurasian “Five”

EEC hosted the first meeting of Ministers of Industry of the Eurasian “Five”

The meeting was held on March 13 at the headquarters of the Eurasian Economic Commission (EEC). The Ministers discussed approaches to the formation of a common industrial policy in the Eurasian Economic Union (EAEU) and prospects for the implementation of cooperation projects.
The discussion was attended by the Chairman of the EEC Board Tigran Sargsyan, the Minister in charge of Industry and Agriculture of the EEC Aleksandr Subbotin, the Minister of Economic Development and Investments of the Republic of Armenia Tigran Khachatryan, the Minister of Industry of the Republic of Belarus Pavel Utyupin, the Minister of Industry and Infrastructure Development of the Republic of Kazakhstan Roman Sklyar, the Chairman of the State Committee of Industry, Energy and Subsoil Use of the Kyrgyz Republic Emil Osmonbetov and the Minister of Industry and Trade of the Russian Federation Denis Manturov.
The meeting was opened by the Chairman of the EEC Board Tigran Sargsyan. He stressed that the formation of a single economic space in the EAEU lacked coordinated policies, including in the sphere of industry. The coordinated policies should be based on law making, therefore, the EEC put forward an initiative to prepare a system document on the harmonization of national legislation.
“First of all, we propose to develop modular laws which can be recommended as best practices and further used at the level of national legislation. Secondly, we consider it necessary to conduct a research on the extent to which the legal acts in the sphere of industry differ from each other in order to avoid new obstacles,” noted Tigran Sargsyan. “And finally, we’ll create a new legislative environment in new business segments and digital economy and we propose to focus on the Union legal acts”.
The Chairman of the EEC Board said that the EAEU had already begun working on the first cooperation projects in the sphere of jewelry and LED production. In addition, the EEC is working on the Eurasian enterprise concept, which, by analogy with the European experience, will allow countries to be interested in implementing joint projects. He also invited the parties to express their position on trade agreements in order to consult business interests to the fullest extent possible.
Aleksandr Subbotin stressed that the Union countries had made significant progress in priority industries, for example, the agricultural machinery industry successfully solved the issues of subsidizing joint ventures, developing new production within the Memorandum of Cooperation between the EEC and the Association of Agricultural Machinery Manufacturers of Germany and creating an engineering center for machine tool technology. It’s possible to apply the funds of the Eurasian Development Bank to finance cooperation projects.
“Our common task is to create competitive products under a single brand we’ll be able to enter into the markets of third countries with. To do this, we need coordinated efforts,” Aleksandr Subbotin said.
Denis Manturov noted that due to external factors, each country developed different industries and within the EAEU it’s necessary to look for something that unites all countries. “For example, every country produces jewelry. This is really an area which is of interest to all,” the Minister of Industry and Trade of the Russian Federation cited the example.
The Ministers also discussed the prospects of country cooperation in the production of components and equipment for agricultural and construction equipment and other issues.