The agreement aims to expand strategic partnership and further integrate the economies of post-Soviet countries.
The agreement aims to expand strategic partnership and further integrate the economies of post-Soviet countries
Representatives of commodity exchanges of Russia, Belarus, Kazakhstan, Kyrgyzstan and Uzbekistan signed an agreement during the St Petersburg International Economic Forum (SPIEF) 2024. The management of commodity exchanges of the five countries agreed to establish an international system of indicators.
Russian Deputy Prime Minister Alexei Overchuk who spoke at the signing ceremony noted that the agreement rested on a unique structure that did not belittle the significance of each national exchange. “Special mutual ties emerge here, and few organisations worldwide can show an example of creating such ties between exchanges. As a rule, mergers, takeovers and buy-outs facilitate their consolidation. Here, participants with equal rights are agreeing to launch interaction on an equitable basis. This reflects the spirit of partnership and fraternal relations between our counties in the best way possible,” Alexei Overchuk said.
The Deputy Prime Minister noted that the agreement was being signed during the St Petersburg International Economic Forum, the most prestigious Russian platform. The main theme of the current forum is The Formation of New Centres of Growth as the Cornerstone of a Multipolar World. “Integration exerts the most positive influence on the implementation of objectives set by the leaders of states, members of the Eurasian Economic Union, and the Republic of Uzbekistan. We develop joint markets together, and this work is quite important because it implements the four freedoms, specifically, the movement of capital, human resources, goods and services. We realise that exchanges are of major significance for the free movement of goods. Today, we are taking an important step towards consolidating our markets. After that, we will formulate price indicators and develop the financial market. Our markets will play an increasingly greater role through expanded commodity exchange operations. Certainly, it is important to establish mutual ties, and the agreements between participants with equal rights reflect the spirit of fraternal relations between our countries,” Alexei Overchuk noted.
The creation of a common information system on the commodity exchange market of the countries — parties to the agreement, and a system of international indicators is called on to consolidate integration processes between countries and to expand the economic potential of national commodity markets and make them more competitive.
A unique Russian information and analytical platform will serve as a technological foundation of the system of international indicators.
