Eurasian Economic Union Identifies Greatest Cooperation / Export Potential Sectors

The Board of the Eurasian Economic Commission has approved an internal report concerning market analysis of the most promising markets and industries for the joint export of non-primary, and high-tech products of the member States of the Eurasian Economic Union (EAEU).

The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. It has free trade agreements with China, Iran, Serbia and Vietnam and is about to enter into one with Mongolia. Other countries such as India and Indonesia are also negotiating FTA with the EAEU.

The report specifically identifies the chemical, metallurgical, pharmaceutical, electron-optical industries, automotive and aircraft manufacturing sectors as having the greatest opportunity for intra-EAEU manufacturing collaboration and export.

The recommendations set out in the document are aimed at ensuring the growth of priority industries, stimulating innovation activity, joint development of high-tech industries, as well as the development of new types of competitive export-oriented products.

Gohar Barseghyan, Minister for Industry and Agro-Industrial Complex of the EEC stated that “The Eurasian Economic Union countries have significant scientific and industrial potential for the development of key industries. Import substitution in high-tech industries such as mechanical engineering, electronics, and the chemical industry remains a priority in the cooperative cooperation of the member states.”