CIS Trade Up Two-Thirds Since 2020 - RUSSIA'S PIVOT TO ASIA

Russian Prime Minister Mikhail Mishustin has stated that trade turnover in the Commonwealth of Independent States(CIS) gained two thirds over the past four years. This year Russia chairs the CIS, he noted, adding that Moscow considers completion of the plan of action to implement the first stage of the Commonwealth’s economic development strategy through the end of the decade one of the prior tasks.

“Trade turnover in the CIS gained more than two thirds over the past four years, with 6% due to implementation of decisions suggested by the plan of action, which added 7% to growth of mutual trade in services,” Mishustin said.

Moreover, the implementation of the plan ensured an increase in accumulated direct foreign investment by 2%, he added. “We will continue deepening cooperation in various sectors in the long term,” he stressed. The CIS differs from the Eurasian Economic Union in that the CIS member countries have bilateral trade agreements with each other rather than a unifying multilateral agreement. It has a total population of about 250 million and a combined GDP (PPP) of US$5.5 trillion. There has been talk of merging the two blocs. Moldova has signalled its intent to withdraw from the bloc, while Turkmenistan is an observer.