MINSK (Pakistan Point News / Sputnik - 30th November, 2020) The Eurasian Economic Union (EAEU) is entering a new phase of integration and can award projects worth up to $200 billion to private businesses and foreign investors, Eurasian Economic Commission (EEC) Chairman Mikhail Myasnikovich told reporters on Monday.
The head of the EAEU executive body addressed the media after his meeting with Belarusian President Alexander Lukashenko in "We are entering a new phase - project integration, when in addition to system-wide measures, specific ones are used for the production and social sectors," Myasnikovich said, as quoted by the Belarusian state-run Belta news agency.
The chairman added that the EEC has agreed on "the industrialization map" with the EAEU member states.
"There are joint projects, which can be offered both to private business and potential foreign investors, estimated at the total of $200 billion. This is the core of integration, through which integration issues become irreversible," the head of the EEC added.
According to Myasnikovich, the EAEU has previously only addressed issues like removing restrictions and barriers in domestic trade on goods produced in the member countries, while now "setting up joint trans-Eurasian economic companies" is on the union's agenda. The EEC chairman added that the EAEU is also paying particular attention to the agricultural industry, including food security in member states.
"We can see that there is complete self-sufficiency [in food security]. There are no threats that if third countries change their trade regimes, it may have a negative impact on our food security. There is no such thing. The commission is currently working on correct management of food resources, taking into account natural and climatic factors and specialization of countries," Myasnikovich said.
The EAEU was established in 2015 to promote regional economic integration in Eurasia. Its members include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
