Tokaev: EAEU has become one of the most important and significant  links in the development of world trade

ArmInfo. The Eurasian  Economic Union has become one of the important links in the  development of world trade, but integration should continue to be  increased, including removing barriers in mutual trade. The President  of Kazakhstan, Kassym-Jomart Tokayev, announced this on October 1 in  Yerevan.

"We have to bring a fresh stream in the development of economic  integration with strict observance of the letter and spirit of the  Treaty on the EAEU. I am confident that today's meeting will be an  important step in the further successful development of our  integration association. The EAEU has become one of the important and  prominent links in the development of world trade,"- the president of  Kazakhstan said, adding that the chairmanship of Armenia in the  integration union is successful.

At the same time, the head of Kazakhstan emphasized that the EAEU is  open for interaction with the outside world, but the rapidly changing  market conditions, growing competition between the powers, trade  wars, and the growth of protectionism contribute to the instability  of the world economy. In this regard, he pointed out the need to  solve a number of existing problems in order to overcome these  negative processes.

"Firstly, according to the UN, the unfolded trade war could lead to  losses in the world economy from $ 850 billion to almost $ 1 trillion  by the beginning of next year. A slowdown in production and a  reduction in investment globally could amount to about 1% of the  total GDP. This is a colossal figure. A slowdown in economic  development in the world, especially among our main partners, the EU  and China, can lead to undesirable consequences, including for us.  This year we are already observing decline in turnover, "said the  President of Kazakhstan, noting that this year the EAEU countries  trade with third countries has decreased by 2%, and mutual trade  between the countries of the integration Union fell by more than 5%,  which is an unfavorable trend.

Tokayev also expressed concern about the decline in exports of  Kazakhstani products, stating that exports fell by more than 6%, due  to both objective economic reasons and barriers within the union.

He is convinced that in complex global processes it is extremely  important to maintain the sustainable economic development of the  EAEU member states, which is possible only with real and mutually  beneficial cooperation, integration and cooperation.

Secondly, according to Tokaev, the EAEU countries need to continue to  work towards removing barriers in the common domestic market, which  has been repeatedly mentioned. "Most of our discussions in a narrow  composition were devoted to this issue. We created a common  regulatory framework for trade and this is success, but in reality  the protection of our producers on the national market in some cases  prevails over the goals and objectives of integration," said the  President of Kazakhstan, adding that this is often accompanied by  various events, including active media coverage of various bans,  which discredits the organization and is unacceptable.  According to  the head of Kazakhstan, the EEC can strengthen monitoring tools for  national legislations and develop an effective mechanism for  informing and clarifying existing law within the EAEU.  Thirdly,  according to Tokayev, the EAEU court must fully fulfill its mission  and realize its objectives, which today is not done, and the parties  do not always take into account the decision of the Eurasian court.   He proposed making proposals to strengthen the role of the EAEU  court.

"Fourth, the EAEU is at the crossroads of integration markets, the  potential in this direction is huge. Today the union serves as an  important transport hub connecting East and West, and it should be  used correctly.  There is an increase in export-import volumes of  goods in the direction China-Europe-China, launch of the  Vietnam-China-Kazakhstan-Europe transcontinental railway route has  been launched, which solves the logistical issues of supplying our  products to ASEAN countries, which will become a good alternative to  sea transportation, " - said the head of Kazakhstan, stating that,  despite the availability of opportunities, there are still problems  with the transportation of goods falling under counter-sanctions  across the Union, which adversely affects the cooperation of the EAEU  countries with each other and with third countries. At the same time,  he added that the transit system of goods under development will  ensure unhindered transit of goods across the territory of the EAEU,  and accelerate customs procedures. In this context, he emphasized the  need to accelerate the development by the EEC of a draft unified  transport system of the Union.  Fifth, Kassym-Jomart Tokaev suggested  paying special attention to the development of advanced technologies,  stressing that the digitalization of the economies of the EAEU  countries should also be a priority. Tokayev stressed that Kazakhstan  has already embarked on this process, since this is an irreversible  need.  "Sixth, today we will approve the main directions of the  EAEU's international activities for next year. The prospect is to  build relations with large international organizations - ASEAN, SCO  and others," Tokayev said, adding that an agreement was signed today  to create a free trade zone with Singapore. In this context, the head  of Kazakhstan recalled that Singapore is the second country after  Vietnam, with whom the EAEU has signed a similar agreement.  He also  pointed out the importance of developing trade and logistics  cooperation with Iran.  In conclusion, the President of Kazakhstan  pointed out the importance of developing trade and economic ties with  new, growing partners.