From the transcript:
Alexei Overchuk: This year’s third meeting of the Eurasian Intergovernmental Council has come to an end. As usual, the heads of government addressed a very extensive agenda. They have also summed up certain results, given the approaching yearend. Specifically, reports were presented on progress of mutual trade in the Union. Trade has exceeded $98 billion. It can be stated that almost all trade in the Union is in national currencies.
They also considered, as usual, the digitalisation issues. Focusing on digitalisation, apart from the Russian Federation, are Kazakhstan, Belarus, and Kyrgyzstan. Much attention was paid to the development of artificial intelligence and the use of AI technologies in the Union.
Given that 2025 is drawing to a close, they summed up certain interim results related to implementing the Union’s development strategy for the period until 2025. Before the yearend, we will report on the results to the heads of state at the Supreme Council scheduled for December.
At the last moment before the start of the Eurasian Intergovernmental Council’s meeting, we managed to find very important solutions and reach consensus on approximating our approaches to responsibility measures in the area of phytosanitary and veterinary control and in the area of technical regulation.
These issues have long been discussed at all the platforms of the Eurasian Economic Union. However, we have worked out the core principle for this case, which consists in avoiding any competition between the jurisdictions comprising the Eurasian Economic Union; there should be no competition in these issues and no more favoured treatment should be adopted anywhere at the expense other member states. As a matter of principle, the EAEU members are constructively aimed at the rapprochement of relevant regulations in their countries. We see it this way.
Of course, by tradition – and this is the issue that is included now in all the agendas of our Eurasian intergovernmental councils – the heads of government have heard a report on the alignment in the customs administration and its improvement at our external boundary.
They have also stated very significant progress in developing industrial cooperation and applying support measures therefor. Two projects involving Russia, Kazakhstan and Belarus are already underway. One of them is being implemented in the Russian Federation. This is a project to develop railway switch equipment for the high speed rail track to connect Moscow and St Petersburg.
The second project is carried out by our three countries in Kazakhstan and it deals with developing agricultural machine-building.
This is also a critically important sector, not least for ensuring our collective food security.
Currently, a further three or four projects are in the approval stage. This means that by the end of the year, we could well have five or six industrial cooperation projects that will benefit from subsidised bank loan rates. These loans are issued by member states’ banks specifically for implementing such projects. The programme terms are genuinely very favourable, which is why we consistently encourage our businesses, including those from Russia, to take a close look at the opportunities available under the EAEU’s industrial cooperation support programmes.
Furthermore, the heads of government were presented with proposals to scale up the mechanisms for supporting cooperative projects in agriculture. On this track, our view is that the primary focus should be on projects aimed at the processing of agricultural produce. Our Kyrgyzstani colleagues, in particular, spoke at length on this topic. We are confident that this mechanism will also be very much in demand, proving highly useful for business development and for creating new value chains across our Union.
We also received reports on the development of our transport and logistics ties, covering both the traditional North-South corridor and the East-West dimension. A key area of focus was the integration of digital solutions to serve these transport and logistics corridors. Naturally, our countries have expressed a shared interest in expanding the free trade zone.
A great deal of preparatory work is underway to bring into effect the agreements with Mongolia and the United Arab Emirates that were signed earlier this year here in Minsk.
Furthermore, the Free Trade Agreement with the Islamic Republic of Iran is already being actively implemented. In fact, in the period from its entry into force in May up to July, we have already noted a significant increase in mutual trade – a rise of 35 percent. This is substantial growth, which demonstrates that the agreement is having a quick and tangible impact.
We anticipate the signing of an agreement with Indonesia before the end of the year, as all the necessary procedures are now underway.
Our partners, including Uzbekistan (an observer state to the EAEU) and a number of other countries, are showing considerable interest in the agreement on customs transit. This agreement, which is open to third parties, was signed by the EAEU member states and is designed to simplify customs procedures and create the conditions for seamless border crossings. This applies to both our external borders and the internal borders within the EAEU.
In short, a wide range of initiatives are being implemented, and they are having a tangible, positive effect on our countries’ economic growth.
Question: Which other countries are interested in membership?
Alexei Overchuk: That’s a question I am often asked, and my response remains consistent: the decision to seek membership rests entirely with the sovereign nations themselves. Our focus is on presenting the range of flexible mechanisms available, such as free trade agreements to obtaining observer status at the EAEU. We are also, in accordance with established procedures, beginning to consider a number of new initiatives in this area.
