Deputy Prime Minister of the Russian Federation Viktoria Abramchenko took part in the 96th meeting of the Economic Council of the Commonwealth of Independent States. The videoconference meeting focused on topical issues of trade and economic cooperation between the CIS member states.
In her address, Deputy Prime Minister Viktoria Abramchenko noted that the CIS member states are traditionally important partners of the Russian Federation. Trade with the CIS countries has been growing steadily. It grew by 6.8 percent to $72.6 billion in the first nine months of 2022. Exports increased by 1.2 percent to $45.9 billion, and imports went up by 18.1 percent to $26.7 billion. Trade with the CIS countries accounted for nearly 11.5 percent of Russia's total trade.
In January-September 2022, Russia's exports to the CIS were dominated by petroleum products – 28.9 percent ($13.3 billion, up by 4 percent), metals and metal products – 15.8 percent ($7.3 billion, up by 9.4 percent), and food and agricultural raw materials – 15 percent ($7.3 billion, up by 9.4 percent).
Viktoria Abramchenko noted the active implementation of the action plan for the first phase (2021-2025) of the CIS Economic Development Strategy until 2030. The plan is aimed at promoting the economy and interstate trade and economic cooperation, developing new cooperation and infrastructure projects, and digitalising the economy. It is also aimed at tapping the science, technology and education potential, developing nuclear energy, the agriculture industry and the monetary and financial sphere, and creating high-tech transport systems.
The Deputy Prime Minister stressed that measures to elaborate and implement regulatory and technical documents in the development of the common electricity market of the CIS member states will positively affect the growth of mutual trade in electrical power in the CIS countries. Viktoria Abramchenko said that, according to the estimates of the Russian side, the volume of mutual trade in electricity will increase by about 20 percent, or $60 million by 2025.
In addition, thanks to the implementation of priority areas of cooperation of the CIS member states in the field of transport until 2030, the export of transport services from the CIS will grow by about four percent, or $110 million compared to the base year of 2021. If 59 resident organisations of CIS member states join the Bank of Russia's financial messaging system, the growth of mutual trade in financial services in 2023 will be about 4 percent, or $15 million compared to 2022.
Viktoria Abramchenko thanked her colleagues for their joint work and expressed hope for further fruitful cooperation, including in the implementation of the list of joint response measures to emerging challenges, which was approved to coordinate joint actions for developing the economies of the Commonwealth at the meeting of the Economic Council on 10 June.