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EAEU proposed to create working group on forming common exchange market for goods

EAEU proposed to create working group on forming common exchange market for goods

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4/15/2021

This proposal was voiced by representatives of commodity markets of the Eurasian Economic Union countries at a meeting on forming a common exchange market for the EAEU goods held by Sergei Glazyev, Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission on April 14 at the EEC’s headquarters in Moscow.

"The Strategic Directions for Developing the Eurasian Economic Integration until 2025 set a task to form a common exchange market for goods, including the market of derivative financial instruments the underlying asset of which is goods. The EAEU countries are leading manufacturers of oil, gas, grain, ferrous and non-ferrous metals and are quite ready for leadership in pricing for those goods they dominate in the global market," Sergei Glazyev stressed.

Representatives of sectoral Commission’s departments informed on the ongoing work towards forming the Union’s common exchange space. Representatives of the exchange community shared their experience and practice in developing exchange trading, noted the importance of cooperation within the EAEU on forming an organized market for goods with transparent and objective pricing and suggested developing exchange and over-the-counter price indicators which in the future can become new global benchmarks (price benchmarks) in exchange commodity trading.

The meeting was attended by heads and representatives of competition authorities, commodity exchanges, manufacturers of exchange commodity of the EAEU Member States, representatives of the Association of CIS Exchanges as well as the Commodity Exchange of Uzbekistan being the Observer at the EAEU.