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MIL OSI Translation. Region: Russian Federation –

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

Despite the existing challenges and difficulties, new directions and opportunities for economic development and cooperation are opening up for the CIS countries. Industrial cooperation, mutual trade and financial sovereignty of the association are being strengthened against the backdrop of growing import substitution processes.

This was stated by Dmitry Volvach, Deputy Minister of Economic Development of Russia, commenting on the words of Mikhail Mishustin during a report in the State Duma on the expansion of cooperation between Russia and the members of the Commonwealth of Independent States.

“Trade and economic cooperation between Russia and its CIS partners is consistently developing,” the deputy minister noted. – This is evidenced by the ever-increasing share of CIS countries in Russia’s trade turnover, which grew from 10.4% in 2019 to 14.6% in 2023. The main trade partners of Russia among the CIS countries are still Belarus, whose share in the trade turnover of our country amounted to 44.8%, Kazakhstan – 27.4% and Uzbekistan – 9.3%”.

In 2024, Russia will chair the Commonwealth of Independent States. According to Dmitry Volvach, the emphasis in the development of partnership with the CIS countries will be placed on strengthening trade and economic ties, food and technological security, the processes of forming a common humanitarian, cultural, educational and scientific space between the Commonwealth countries, as well as on multiplying the centuries-old civilizational and spiritual ties between the peoples of Russia and the peoples of the CIS countries.

“For us, the Commonwealth of Independent States is not only a platform for multilateral dialog, but also a really effective tool to support and develop historically established trade, economic and humanitarian ties,” he emphasized. – Within the framework of the Russian presidency in the CIS, work is carried out to expand mutual trade in services and create a favorable investment climate for the implementation of investment and infrastructure projects”.

The new conditions in the sphere of services and investments, according to the deputy minister, will increase Russia’s trade turnover with the CIS countries by 1.1%, which will amount to about 96.3 billion rubles, and mutual trade in services – by 8%, which will amount to 93.4 billion rubles.

In the year of its presidency, Russia will pay special attention to the development of the humanitarian sphere in the CIS. The International Organization for the Russian Language, the agreement on the activities of which was signed in Bishkek last October by the Heads of State of the Commonwealth of Independent States, will begin its work.

In addition, for the sake of expanding the Commonwealth’s integration cooperation with other associations, Russia is ready to offer one or several members of the Shanghai Cooperation Organization and the Collective Security Treaty Organization the status of an observer state to the CIS.

“We expect that we will be able to use the chairmanship year to finalize a number of strategic documents in the field of transportation, insurance and chemical industry,” added Dmitry Volvach. – We believe it is necessary to organize a new platform under the auspices of the Interstate Bank and interested financial institutions. This will allow the CIS countries to expand the use of national currencies in settlements in the framework of mutual trade and ensure the interaction of national systems of financial messaging. In the future, we plan to develop a Memorandum of Cooperation of the CIS countries in the field of digital transformation of the transportation complex”.

Strengthening multilateral cooperation, he said, is the key to a strong position of the CIS countries in the international arena. Strengthening the positions, in turn, will improve the conditions of access of goods to foreign markets, prevent infringement of trade and economic interests and improve the quality of life of citizens of all CIS countries.

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

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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