BISHKEK, Kyrgyzstan, May 29. Agreements concluded within the framework of the Eurasian Economic Union (EAEU) must function effectively in practice by simplifying procedures, accelerating the movement of goods, and improving mutual market accessibility, President of Kyrgyzstan, Sadyr Japarov said during the meeting of the Supreme Eurasian Economic Council in Astana, Trend reports.
According to Japarov, the active conclusion of new trade agreements within the EAEU creates significant opportunities for manufacturers and exporters from member states.
He noted that EAEU trade agreements are currently in force with Vietnam, Iran, China, and Serbia. In the near future, free trade agreements with the United Arab Emirates, Mongolia, and Indonesia are expected to enter into force. In addition, negotiations with India are actively progressing, while the negotiation process with Tunisia has commenced.
“I consider it necessary for the commission to develop concrete initiatives aimed at expanding the scope of trade agreements, including practical measures to strengthen sectoral cooperation with our partners in specific industries,” Japarov stated.
The President of Kyrgyzstan emphasized that market liberalization should be accompanied by the development of the domestic industrial potential of the union’s member states.
He further noted that the current EAEU mechanism for subsidizing interest rates on cooperative industrial projects will also be extended to projects in the agro-industrial sector.
Japarov additionally stated that Bishkek expects an agreement on a mechanism to stimulate the localization of joint production capacities in countries with smaller economies to be reached by the end of the year.
