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Regional economic interaction becoming an important factor in sustainable development of States

Regional economic interaction becoming an important factor in sustainable development of States

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11/20/2020

The speech by Timur Zhaksylykov, Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, at the "G — Global. World of the 21st Century" International Congress (Astana Economic Forum) was devoted to forming the Eurasian Economic Union's common financial market and exchange space as well as expanding the use of digital financial technologies.

According to the EEC Minister, regional integration is becoming a real factor in sustainable development in the context of global crisis. "Enhancing economic cooperation, implementing joint projects, attracting investments in the real sector can become an impetus for restoring the countries' industrial growth and increasing their competitiveness," he stressed.

At the same time, it is becoming increasingly urgent to intensify the activities of joint development institutions, such as the Eurasian Development Bank, the Eurasian Fund for Stabilization and Development, and the Interstate Bank of the CIS.

Timur Zhaksylykov has pointed out that forming a common financial market is among the priorities of the EAEU countries' integration interaction, while its key direction is shaping a common exchange space, which will significantly expand the EAEU States' mutual trade and investment cooperation.

Besides, according to Timur Zhaksylykov, implementing the digital agenda and launching breakthrough digital projects in the EAEU will enable the Member States to achieve significant economic results. "Modern digital technologies used in the product traceability and marking system across the EAEU allow aggregating data at all levels and tracking the products movement throughout the supply chain from production site to the consumer as well as suppressing attempts at illegal import and circulation," Timur Zhaksylykov concluded.​