Tuesday, September 14 2021 20:28

ArmInfo.Deputy Prime Minister of Armenia Mher Grigoryan participated in the regular Eurasian Economic Council (EEC) session through a video-conference.  

As the press service of the office of the Deputy Prime Minister  reports, the agenda of the sitting included over thirty issues  related to the development of integration processes within the  Eurasian Economic Union (EEU), the deepening of trade and economic  relations between the member states.  The report on ''Mutual trade   between the Member States of the Eurasian Economic Union in 2020"  was approved. 

According to the general assessment of mutual trade between the EEU  member states presented in the report, in 2020 the share of mutual  trade in the volume of overall foreign trade increased in almost all  countries, amounting to 34.2% in the Republic of Armenia. According  to the analysis of the mutual trade structure of the EEU member  states presented in the report, Armenia has significantly increased  the trade volumes of cooperative products. The issue of presenting  the indicators in national currency was also discussed within the  framework of the report.    Based on the results of the meeting, a decision was made on the joint  forecasts for the supply and demand of agricultural products, food,  jute fiber, raw leather, cotton fiber, wool, and the development of  the agro-industrial complex in 2021-2022.  According to forecasts, in  2022, compared to 2019, the volume of agricultural production within  the EEU (in dollar terms) will increase by 2.1%, mutual trade will  increase by 15%, exports to third countries will increase by 9.3%,  imports will decrease by 3.0%, as a result of which the negative  balance of foreign trade will be reduced from $ 5.8 billion to $ 2.5   billion.  

The members of the EEC Council, among other issues on the agenda,  also discussed the issue of financing industrial cooperation in the  Eurasian Economic Union. It was decided to develop mechanisms for  financing cooperation projects with integration potential within the  EEU. The implementation of the mentioned processes will give an  opportunity to promote the growth of industrial production within the  EEU, to solve the strategic issue of sustainable economic growth of  the member states, as well as will be the basis for the creation of  innovative products with high added value.  

During the meeting, a decision was made on the general principles and  approaches of ensuring food security of the EEU member states, which  is aimed at increasing the level of domestic agricultural production  in the EEU member states, reducing the risks of food shortages, as  well as the substitution of the import of material and technical  resources used in the agro-industrial complex.