Overchuk reported on EAEU measures to counter global trade turbulence

Russia and its partners within the framework of the Eurasian Economic Union (EAEU) are implementing a set of measures to prevent global trade turbulence. This was stated on June 4 by Deputy Prime Minister of Russia Alexei Overchuk, answering a question from Izvestia correspondent Anton Zolotnitsky at the St. Petersburg International Economic Forum (SPIEF).

"We have a whole range of solutions that we are implementing together with our partners in the Eurasian Economic Union. First of all, we are building our own cooperative supply chains or value chains. A program to support joint cooperative projects has already been implemented for the second year. We subsidize interest rates for the implementation of such cooperative projects," he said.

Overchuk added that in addition to these measures, the union enjoys its geographical advantages by implementing the East–West and North–South transport corridors. The Deputy Prime Minister also added that with those countries that are not members of the EAEU

"We are implementing the agreement on free trade zones. In other words, this is a set of solutions that give our business an additional competitive advantage and make our countries' economies more sustainable," concluded the Deputy Prime Minister.

Set aside barriers: the EAEU economy grew by 13% under external pressure

At the summit in St. Petersburg, the leaders of the association discussed how to boost trade among themselves and with other countries.

The system for confirming the expectation of delivery of goods (SPOT) from the countries of the Eurasian Economic Union entered into force in Russia on June 1. The system creates equal competitive conditions for businesses and improves the administration of indirect taxes. SPOT allows you to control the legality of goods crossing the Russian border and prevent tax evasion to budgets, as well as ensure the legality of the turnover of goods imported into the Russian Federation.

On April 9, Russian Prime Minister Mikhail Mishustin announced that customs duties would be abolished or significantly reduced for 85% of goods in mutual trade between the EAEU countries. The government is also considering the ratification of the agreement on trade in services and investments between the Russian Federation and the UAE. Its implementation will give Russian entrepreneurs access to the Emirati market in 64 new areas, including engineering, legal, computer, medical services, and rail transportation.