Events

25 May 2023

Document on financing cooperation projects in industry signed at EAEU summit in Moscow

MOSCOW, 25 May (BelTA) – The leaders of the Eurasian Economic Union (EAEU) member states have signed a document on financing cooperation projects in manufacturing at the Moscow summit. Industrial cooperation was named one of key avenues of interaction in the EAEU, including by Belarusian President Aleksandr Lukashenko, BelTA has learned.

At the end of the Supreme Eurasian Economic Council meeting, a protocol was signed to amend the provisions of the Eurasian Economic Union Treaty on funding joint projects in the manufacturing industry, as well as a package of amendments to the EAEU Treaty - the so-called III Big Protocol.

“Three draft protocols on additions and amendments to the Eurasian Economic Union Treaty have been prepared for signing in the established manner. They regulate financing of cooperation projects in industry, lay out measures to improve public procurement procedures. They also regulate the use of a digital signature, emergency phytosanitary measures and mention other relevant matters that were discussed today,” Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said before the signing ceremony.

Eleven decisions and executive orders in other important areas of integration were also prepared for signing.

“A total of 15 documents have been signed. They are designed to deepen various aspects of our integration. I would like to highlight the signing of the III Big Protocol. This means that we are going beyond the basic agreement of 2014, exploring new cooperation opportunities and making the agreement more specific. We have agreed on a very important thing - financial assistance for joint projects run by the EAEU member states,” Mikhail Myasnikovich told reporters after the summit.

Speaking about international activities of the union, he mentioned more intensive interaction between the EAEU and the countries of the SCO, BRICS and ASEAN. Trade with members of these associations is poised for a serious uptick. Cooperation is also developing with a number of other states. “We have reached the finish line in trade negotiations with Iran and Egypt. And we believe that these agreements will cover about 99% of the EAEU’s exports to these countries. Enormous opportunities are opening up for businesses that want to trade with partners from these countries,” the chairman of the Board of the EEC said.

China is also an important partner of the EAEU. The trade with this country exceeded $220 billion in 2022. It accounts for 23% of the total external trade of the EAEU.