Meeting of the Supreme Eurasian Economic Council

Kassym-Jomart Tokayev took part in the regular session of the Supreme Eurasian Economic Council (SEEC), which was held in format of a video conference.

Along with the President of Kazakhstan, the summit was attended by Honorary Chairman of the Supreme Eurasian Economic Council Nursultan Nazarbayev, Prime Minister of the Republic of Armenia Nikol Pashinyan, President of the Republic of Belarus Alexander Lukashenko, acting President of the Kyrgyz Republic Talant Mamytov, President of the Russian Federation Vladimir Putin, President of the Republic of Moldova Igor Dodon as Head of the observer state at the EAEU, Heads of invited states - President of the Republic of Uzbekistan Shavkat Mirziyoyev, President of the Republic of Cuba Miguel Diaz-Canel, as well as Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich, Akorda reports.

Key issue on the agenda of the meeting was a discussion of topical issues of development of the Eurasian Economic Union, including the finalized draft of Strategic Directions for Developing the Eurasian Economic Integration until 2025, priority areas of cooperation within th.organization, improvement of mechanisms for applying general anti-dumping, countervailing and special measures to protect interests of producers of goods, as well as granting Uzbekistan and Cuba observer status at the EAEU.

In his speech, the President of Kazakhstan noted that the current year has been a serious test for everyone, but the Union has demonstrated unity and cohesion, and most importantly – ability to withstand challenges. Important decisions were quickly taken to ensure the health and safety of population.

According to the Head of state, rapid spread of COVID-19, falling commodity prices, and sharp decline in economic activity around the world have all had a negative impact on economies of our countries. According to the OECD official report, world GDP will decrease by 4.5% by the end of 2020. The World Bank forecasts a 2.5% decline in developing countries. The most important indicator - per capita income - will fall by 3.6% this year.

"Negative trends have also affected trade within the Union. Mutual trade for the first 9 months of this year decreased by 13% and amounted to $39 billion. Trade turnover of the Eurasian Economic Union with third countries decreased even more – by 19% and amounted to $447 billion. All this makes it an urgent task to effectively interact, search for growth reserves and unlock economic potential of our Union", Kassym – Jomart Tokayev said.

During period of the EAEU operation, Kazakhstan's mutual trade with partners increased by 33%, including exports increased by 25%. Inflow of investments from the EAEU countries increased to 6% in total. Number of joint ventures has increased by 2 times and is about 13 thousand.

Many countries are eager to cooperate with the Union. Uzbekistan and Cuba received observer status in the EAEU.

"We expect that this step will open up broad prospects for comprehensive economic cooperation with practical and mutually beneficial results. We see this as an example of growing authority, attractiveness and recognition of our Union around the world. We see great prospects in increasing trade and broad cooperation with fraternal Uzbekistan. We believe that Uzbekistan's participation in the Eurasian project will harmoniously complement our bilateral relations, as well as cooperation within the Central Asian region", the Head of state noted.

Special attention shall be paid to approval of the EAEU Strategy until 2025. In may of this year, the President stated his position on the need for a more complete study of the draft Strategy, given the presence of some controversial provisions in document. Kassym-Jomart Tokayev thanked his colleagues and Heads of state for supporting this position.

"Governments and the Commission have carried out meaningful and constructive work on finalizing the Strategy. In particular, measures aimed at harmonizing and unifying the legislation of member states in a number of industries have been adjusted. The Commission powers regarding mandatory participation in bilateral negotiations with third countries have been revised. The Commission can now participate in negotiations only on initiative of the member state itself. I think this is a balanced and flexible approach. Directions of cooperation and formulations in the field of education and health have been finalized, emphasizing the economic orientation of five – party cooperation in these areas", the President said.

The meeting also considered Kazakhstan proposal regarding formation of the Commission's professional capacity. It is about the rejection from strict binding of representation of citizens to the share of funding. From a practical point of view, representative work in the Commission of citizens of all five states will provide an opportunity for professional growth and help to educate specialists in the field of Eurasian integration. The Head of state also noted with satisfaction an acceptable consensus reached on all sensitive issues, which once again shows the countries' desire to take into account each other's positions and find compromises.

It is worth to note that the chairmanship in statutory bodies of the EAEU will be transferred from Belarus to Kazakhstan starting from the new year 2021. It is planned to fully implement the Treaty on the EAEU, eliminate barriers, develop mutually beneficial cooperation and international cooperation, improve procedures for forming professional capacity of the Commission, and strengthen its functionality and responsibility.