Integration of EAEU and One Belt, One Road - Kazakh TV

Five Eurasian Economic Union countries are strengthening trade and economic cooperation with China as part of the One Belt, One Road initiative. According to the chairman of the Eurasian Economic commission, Tigran Sargsyan, the upcoming signing of the trade and economic cooperation agreement between the EAEU and China will be the key step in strengthening of this cooperation. The EAEU governments completed negotiations on the agreement and domestic approval procedures are ongoing, Sargsyan notes. According to the Eurasian Economic Commission chairman, China is a driving power of the world economic development. The governments of the EAEU countries are eager to strengthen and deepen connections with the Chinese partners.


 - 2017 was a successful year, because trade turnover between the Eurasian Economic Union and China grew over 30% in a year. In 2017, trade exceeded $100 million. More than 30% growth in 2017 will ensure more favorable conditions for gaining momentum in 2018. Most importantly, exports grew 40%.

China and the EAEU have great cooperation prospects in machine-building and agriculture. According to Tigran Sargsyan, all five countries of the Eurasian Economic Union are enhancing their agricultural potential and becoming self-sufficient in many indicators. For instance, Kazakhstan boosted its wheat exports to China while Belarus enhanced its meat and dairy exports. The EAEU and China are currently working on an agreement on exchange of customs-related information.


 - Transparency in relations with China and exchange of data are essential for us, because it allows verifying indicators between our countries and having a common ways of calculating these indicators. From this point of view, the agreement between the EAEU and China will allow exchanging credible information that will serve as a basis for us in assessment of the flow of goods between the EAEU and China. We will also exchange information about vehicles that transport these goods.

As part of the One Belt, One Road initiative, the EAEU countries have concluded some 40 projects. They involve not only the EAEU countries but all the countries of the region as well, the chairman of the Eurasian Economic Commission said.

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