Economic cooperation between the EAEU and China was discussed at the Exposition

On July 3, the Exposition hosted a plenary session entitled "Connecting the Eurasian Economic Union and the 'One Belt, One Road' as a Promising Form of Economic Cooperation in Greater Eurasia". The session was part of the Eurasian Integration Forum "Strategy for Advanced Development". The participants discussed ways of interaction of the Union's countries with eastern markets.

The economy of the EAEU countries is developing in accordance with the strategic guidelines, said Sergei Glazyev, member of the Board of the Eurasian Economic Commission (Minister) for Integration and Macroeconomics of the EEC. In particular, the manufacturing industry shows high growth rates. At the same time, the prerequisites for development remain - the potential for involvement in the labor market in the countries of the Union is about four million people and huge resources to increase labor productivity. This makes it possible to maintain economic growth at the level of 5% on the existing capacities. For further development it is necessary to increase investment and reorient foreign trade to the East, which is already happening.

"Our economy turned out to be flexible, enterprises quickly adapted, and literally in two years the structure of foreign trade has changed - we are getting closer in economic connectivity with the countries of Southeast Asia. They, in turn, are forming a new centre of the world economy. At the moment, China, India, ASEAN countries produce more goods than the European Union and the United States. China has become our main trading partner, the growth rate of trade with the countries of the region is double-digit," emphasized Sergei Glazyev.

Photo: Anatoliy Medved/Fotohost-RIA News agency

In this regard, it is necessary to increase the pace of investment and participation in the "One Belt, One Road" project, he believes. The initiative creates conditions for maximizing joint investments and new opportunities for economic growth. It was put forward by Chinese President Xi Jinping in September 2013. He proposed to connect the "Silk Road Economic Belt" and the "Maritime Silk Road of the XXI century" - it was to significantly reduce the cost of delivery of goods to the countries of Southeast Asia, Africa, the Middle East and Europe, as well as accelerate it, reducing the time of goods in transit to ten days. The project should strengthen regional economic integration, build a unified trans-Asian transportation infrastructure, eliminate investment and trade barriers, enhance the role of national currencies and deepen cooperation in the humanitarian sphere.

The session participants noted several priority areas of cooperation and integration of the EAEU economies - these include attracting investment in the development and modernization of industrial and agro-industrial complexes, the development of effective mechanisms for multilateral cooperation in science, technology and innovation, the creation of joint infrastructure, the transfer of advanced technologies, the creation of joint ventures and enterprises, as well as cooperation in agriculture and manufacturing.

The Eurasian Integration Forum "Strategy for Advanced Development" is an international business event dedicated to industrial and economic cooperation in the EAEU, as well as the promotion of trade and economic development both within Russia and with friendly countries. The Forum is included in the overall architecture of the RUSSIA EXPO business program and is an important part of the business events taking place during 2024 in preparation for the Eurasian Business Forum "INTEGRATION" to be held on November 15, 2024 in Moscow.