Foreign trade growth by third and food security: what EAEU is proud of over past 12 years

Energy and new priority sectors for developing integration are the topics discussed at the Eurasian Economic Forum in Astana. Today is the second day of thematic section sessions.

The Eurasian Economic Forum continues its work even on a holiday – the Eurasian Economic Union Day. Exact on May 29 in 2014 the Treaty on the EAEU was signed.

Much has been accomplished over these 12 years. Most importantly, the efficient integration model has been created that takes into account all global trends in its development.

The combined GDP of all five countries is $3 trillion. Foreign trade with third countries increased by a third by 2025, and agricultural production within the union increased by 56%, ensuring food security for the member states.

The Union has already adopted key policy documents for developing integration through 2030 and 2045. Their key objective is to maintain trade flows and create new cooperation chains, focusing specifically on priority sectors.

What will be discussed at the forum on May 29? One of the sections is devoted to the prospects for developing integration and the challenges it may face today and in the next few years.

Maxim Yermolovich, Minister for Competition and Antimonopoly Regulation of the Eurasian Economic Commission (EEC):

"Technical regulation issues are top of mind today. We receive many inquiries regarding market protection, barriers, and obstacles in the marketplace. In other words, businesses are primarily interested in government actions aimed at restricting competition in this area. This is an important signal that we need to return to the issue of removing barriers: implementing preventative measures to support competition, and providing national regimes for suppliers from union countries. This matter always remains relevant. Businesses are interested in seamless trade and the free movement of goods within the union."

The Forum is also hosting a meeting of the Eurasian Economic Union Business Council and the Council of Authorized Bodies of the EAEU Member States for Energy. They are discussing the future of energy, implementation of digital technologies in each country, and developing common approaches to ensure synergy.