Kazakh PM proposes measures to boost trade in EAEU countries

Supply chain simplification, the creation of a barrier-free environment between member states of the Eurasian Economic Union, and other measures will boost trade level between the EAEU countries, opined Kazakh Prime Minister Alikhan Smailov. A session of the Eurasian Intergovernmental Council was held in an extended format in Cholpon-Ata. Smailov noted that trade volumes within the EAEU plunged in the past six months. Thus, while the increase in trade turnover reached 28 percent in the same period of 2021, this year the growth amounted to only 4.8 percent, which is over 12.5 billion tenge. Food prices in the EEC countries have risen by almost 13 percent over the last six months, Smailov added. According to him, this is due to the distortion of the exchange rates between the national currencies of the Union countries. Kazakh PM proposed to conduct consultations of the central banks of the partner states to improve the current situation.

“It is important to determine mechanisms to mitigate the effects of restrictions that countries are forced to impose unilaterally. We agreed to protect domestic producers by establishing a single foreign trade circuit. However, when restrictions on mutual trade are introduced, it is necessary to create conditions for maintaining a certain level of provision of other states with the EAEU goods, as well as simplifying the conditions for the supply of goods from third countries. I think that the Commission should study this issue and submit its proposals,” the PM said.