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EAEU should become model of economic union turning into political one

«The EAEU should become a model of an economic commonwealth turning into a political union,» Akylbek Japarov, Chairman of the Cabinet of Ministers of Kyrgyzstan said, opening the 1st Eurasian Economic Forum.

According to him, development of its own market by increasing the competitiveness of the countries’ producers is a minimum task for the Eurasian integration project. The maximum task is to strengthen positions in the foreign market.

According to the results of the first half of 2021, EAEU GDP grew by 4.5 percent.

There is a positive trend in mutual trade. While maintaining the trends that emerged at the end of 2021, the volume of exports in foreign trade reached $500 billion, the maximum value since 2015, and the volume of mutual trade exceeded $70 billion and hit a new historical high.

«There is a reorientation of trade flows of the EAEU member states. The share of the European Union in the external trade turnover of the EAEU decreased from 46.2 percent in 2015 to 36.7 percent in 2020. The share of the countries of the Asia-Pacific Economic Cooperation (APEC) and the Shanghai Cooperation Organization (SCO) in the foreign trade turnover of the EAEU, on the contrary, increased over this period to 36.4 percent and 24.1 percent, respectively,» said Akylbek Japarov.

He is sure that in order to achieve the economic development goals approved by the heads of the EAEU countries, it is important, among other things, to promote the expansion of financing for investment and innovation activities by using reserves of production capacities not involved in the national economic turnover.

«The main condition for convergence of economic development levels is the achievement of sustainable growth rates. This is possible through the transfer of technology and the transfer of production from advanced countries to relatively less developed ones. At the same time, a condition for the effective adoption of technologies is a sufficient technical and educational level corresponding to the level of these technologies. Therefore, it seems extremely important to ensure the timely implementation of the strategic directions for the development of the EAEU until 2025 in new areas of integration — scientific cooperation and education, as well as to promote economic growth and development of cooperation, create investment and innovation consortiums, and implement investment projects with a high integration effect. At the same time, the task of macroeconomic policy is to create favorable conditions for increasing investment and innovation activity,» Akylbek Japarov concluded.

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