ArmInfo. Trade will not be a full-fledged integration process without an increased share of national currencies in the Eurasian Economic Union (EAEU), Armenia`s Vice-Premier Mher Grigoryan stated at the plenary session on Key Investment Projects are Drivers of Economic Growth, at the 2nd Eurasian Congress, in Moscow, December 2.
"Yes, we have very much discussed and will go on discussing this strategic initiative of paramount importance for the EAEU - launching common integration processes in financial markets. Year by year we record the fact using national currencies in trade is a topic of high importance for us," he said. According to him, the national currencies of all the EAEU member-states are volatile, and the current inflation situation affects the member-states. So the aforementioned task requires strategic attention, Mr Grigoryan said.
Armenia`s vice-premier is sure that an accurate calculation system will form a platform for accumulating national currencies as liquid funds. "In turn, they will serve the creation of stimulative instruments within the Union. It will play a great role in cooperation processes and trade promotion. In both cases we need instruments 'designed' as our national currencies. Further, we are going to seen successive results," Grigoryan said.
This will improve the competitiveness of products and services from the EAEU. Depending on a third currency mans serious trade losses, which causes a decline in the demand for goods and services because of currency conversion, Armenia`s vice-premier said.
"The EDB is one of the prospective platforms for forming this system. I am sure that it should be a commercial platform at the initial stage at least. I think we could launch and develop this strategic initiative on the EDB platform. The EDB has made enough fundamental steps to prepare for this mission," Mr Grigoryan said.
In his turn, Nikolai Podguzov, EDB Management Board Chairman, welcomed the fact that 70% of trade within the EAEU is conducted using national currencies. The EDB plans to offer its infrastructure for effecting payments within the EAEU.