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Competition in EEU market to reduce due to cooperation with third countries

Competition in EEU market will reduce due to cooperation and the creation of preferential agreements with third countries. Veronika Nikishina, Minister for Trade of the Eurasian Economic Commission announced today at the forum «Development of the Silk Road Economic Belt — intensification of cooperation.»

According to her, during the creation and functioning of the World Trade Organization (WTO), countries went on different ways of concluding regional agreements. The overwhelming majority placed a stake on signing preferential agreements and reduction of customs duties with a large number of countries. The countries of the Eurasian Economic Union took a different path. They began to strengthen integration within the given borders.

«Work has been done for more than 20 years. But it is not completed so far. Under-integration is still present. And work on eliminating internal barriers will continue. The President of Kyrgyzstan, presiding over EEU this year, has determined the work on eliminating internal barriers as a priority. But we need to set new goals. Last year, we conducted an audit of our trade policy with respect to third countries. We realized that there were more advantages than risks in building other trade relations with third countries," Veronika Nikishina noted.

We will be able to obtain real benefits from the creation of new preferential trade relations with the third countries.

Veronika Nikishina

«For example, we will reduce competition in the domestic market by creating more preferential regimes for export to the third countries," she added.