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Source: Ministry of Economic Development (Russia) – An important disclaimer is located at the bottom of this article.

The 101st meeting of the Economic Council of the Commonwealth of Independent States was held in Moscow, chaired by Deputy Prime Minister of Russia Alexei Overchuk. The meeting participants considered a wide range of issues of economic cooperation between the CIS countries.

Representatives of the Commonwealth member countries discussed plans for Russia’s chairmanship of the CIS in 2024. “The main focus of our chairmanship is aimed at deepening economic interaction, primarily in the areas of food, technological and energy security, transport and logistics, ecology, innovation, digitalization, and strengthening industrial cooperation,” emphasized Deputy Prime Minister Alexey Overchuk. “At the same time, we proceed from the principles of interconnectedness of the economies of the CIS countries, the importance of synchronizing decisions at the national and regional levels to ensure the sustainable development of the Commonwealth in the new geopolitical realities.”

Cooperation on the Commonwealth platform, he said, will remain a key priority for Russia. “I consider it necessary to continue coordinated work to build up economic and production potential and create new ways of mutually beneficial cooperation. You and I all understand perfectly well that the main goal of all our efforts is to qualitatively improve the standard of living and safety of people living in our countries,” said Alexey Overchuk.

Members of the Economic Council reviewed the activities of the Council for Interregional and Cross-Border Cooperation of the CIS Countries, draft concepts for the further development of cooperation in the chemical industry, as well as cooperation of the CIS countries in the field of hazardous waste management and the elimination of accumulated environmental damage.

“Today, the economy is the most important element of multilateral cooperation in the CIS,” emphasized Dmitry Volvach, Deputy Economic Development of Russia. “This is reflected in the Concept of Russia’s chairmanship in the CIS bodies in 2024 and in the action plan for its implementation, which has over 150 points and is already being successfully implemented.”

The Commonwealth countries considered issues of financing CIS bodies, the development of the insurance services market, mechanisms for overcoming obstacles in mutual trade, prospects for access to the public procurement market for participants in the Free Trade Agreement, as well as an action plan for the implementation of the first stage of the CIS Economic Development Strategy for the period until 2030 .

“As part of the long-term Strategy, the CIS countries jointly developed an action plan for the development of various sectors of the Commonwealth’s economy, which has already proven its effectiveness,” explained Dmitry Volvach. “The coordinated economic policy of the CIS countries over the past three years has made it possible to increase mutual trade in CIS goods by an additional 6% compared to 2020, and the value of mutual trade by 67%.”

By 2023, the CIS countries managed to increase mutual trade in Commonwealth services by an additional 7%, and the value of mutual trade in services by 55%. In the CIS region, accumulated foreign direct investment also increased – from 44.5 to 49 billion dollars. The increase for 2020-2023 was 10%. Of these, two percentage points were provided by the plan’s activities, which in total amounted to about $100 million.

“In the year of Russia’s chairmanship in the CIS, we plan with our partners from the Commonwealth countries to complete the ratification of the agreement on free trade in services in the CIS,” concluded Dmitry Volvach. “Once the agreement comes into force, we will all be able to assess the tangible contribution of the document to the overall GDP of the Commonwealth.”

The meeting was also attended by CIS Secretary General Sergei Lebedev First Deputy Prime Minister of Azerbaijan Yagub Eyubov, Deputy Prime Minister of Belarus Igor Petrishenko, Deputy Prime Minister of Kazakhstan Serik Zhumangarin, First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev, First Deputy Prime Minister of Tajikistan Khokim Kholikzoda, Deputy Minister of Economy and Finance of Uzbekistan Zhasur Karshibaev, Permanent Plenipotentiary Representative of Armenia to the statutory and other bodies of the CIS, Ambassador Extraordinary and Plenipotentiary of Armenia to Belarus Razmik Khumaryan, Plenipotentiary Representative of Turkmenistan in the Commission on Economic Affairs under the Economic Council of the CIS, Ambassador Extraordinary and Plenipotentiary Turkmenistan in Russia Esen Aydogdyev.

The next meeting of the Economic Council is scheduled for June 21, 2024 in Moscow.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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