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.
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.
The large celebratory concert "Our Victory — For All Time" took place at the National Centre RUSSIA.
The "Vehicle for the Front" campaign took place on the territory of the National Centre RUSSIA on May 9.
