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Kyrgyzstan proposes to launch project on EAEU common electricity market

Kyrgyzstan initiated proposals on creation of a pilot project for a common electrical power market of the Eurasian Economic Union within the framework of the union agreement. The Kyrgyz Union of Industrialists and Entrepreneurs reports.

Representatives of Kyrgyzstan, the Eurasian Economic Commission, national unions, business representatives of the EAEU countries participated in the meeting of the Presidium of the EAEU Business Council under the supervision of the National Chamber of Entrepreneurs of Kazakhstan Ata-Meken.

The head of the Kyrgyz Union of Industrialists and Entrepreneurs Danil Ibraev, in addition to the common electricity market, also proposed to simplify the procedures for paying VAT for sellers and buyers within the EAEU, to organize cooperation between the EAEU Business Council and Chambers of Commerce of third countries. Following the meeting, the parties supported development of the initiatives.

«Creation of a common electricity market will allow entrepreneurs to freely choose suppliers of energy resources, which will have a positive impact on the cost of production. In addition, it will strengthen the energy security of the EAEU states, will contribute to formation of transparent prices for electricity,» the statement says.

Simplification of VAT payment procedures will make it easier for sellers and buyers of the EAEU countries to confirm the zero VAT rate in export-import transactions, taking into account transfer of responsibility to the fiscal authorities.

Within the framework of the signed memorandums between the EAEU Business Council and the chambers of Iran and Mongolia, the issue of cooperation with these countries is being considered, as well as signing of an agreement with Cuba on its initiative.

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