EEU Prime Ministers agreed on establishing common market of petroleum and petroleum products and terms of adopting new common customs code

ArmInfo. At the 5th Intergovernmental Session of EEU Council the sides agreed on the draft concept of establishing common market of petroleum and petroleum products, the terms of adopting the common customs code and a number of other important documents for deepening further cooperation, Prime Minister of Kazakhstan Karim Massimov and Chairman of Eurasian Economic Commission Collegium Tigran Sargsyan informed after the end of the meeting in extended format.

As the Prime Minister of Armenia Hovik Abrahamyan stated during the session a solid legal framework has been created within EEU, which reflects the mechanisms of cooperation between the EEU countries. The prime minister said that the agreed issues will undoubtedly have impact on social economic development of the EEU. In this context he stressed the importance of establishing common market of petroleum and petroleum products. Abrahamyan emphasized also the necessity to extend international multi-format cooperation, both within the EEU and separate countries. Abrahamyan considered the development of cooperation with China as the key issue of today's discussions. According to him this will allow not only increasing the amount of trade but also attracting investments for large investment projects along with diversification of logistic capacities. From this point of view the work on aligning the Eurasian project with the Silk Road Economic Belt, which will link Europe and Asia, is very important according to the Armenian Prime Minister. "Having historical experience and being the only country of the Union which has land border with Iran Armenia is ready to implement this project", Abrahamyan said. Prime Minister of Kazakhstan Karim Massimov stated about the necessity to create free trade zones with such countries as India, Israel, China, Egypt and Iran. "Kazakhstan has always supported the idea of attracting new participants in Eurasian integration", he noted. According to him the establishment of cooperation between the EEU and EU may become a serious factor for economic development and competitiveness.

According to Belarusian Prime Minister Andrey Kobyakov adoption of EEU customs code is being delayed all the time, which as a result leads to revision of already reached agreements. In this context he emphasized the necessity of approving strict deadlines for terminating the unification of the EEU customs space.

"Adoption of the customs code is an important goal", Russian Prime Minister Dmitry Medvedev stated. According to him it is necessary to unify customs space and facilitate the customs procedures making them more convenient for the business community. Medvedev also stressed the importance of establishing common market of petroleum products with "clear rules" and building cooperation with external partners in particular with China and the countries of ASEAN.

Kyrgyzstan's Prime Minister Sooronbai Zheenbekov, in his turn expressed hope that the decision on the issues of enlarging the sales markets will be made based on consolidation of interest of all the sides.

"The EEU customs code may be approved at the regular session of Intergovernmental Council on October 28 in Moscow", Chairman of the Eurasian Economic Commission Collegium Tigran Sargsyan informed. He also said that a conceptual agreement has been reached on the key issues and only some additional issues are left, which the sides will continue discussing in Sochi on August 12. According to Sargsyan another key agreement, which was finally agreed today relates to establishment of common market of petroleum and petroleum products. This document will be submitted to approval of our presidents at the meeting at the end of month in Astana, Tigran Sargsyan stated.