Kazakh, Other EAEU Government Heads Seek Stronger Eurasian Economic Union’s Legal Framework

Kazakh, Other EAEU Government Heads Seek Stronger Eurasian Economic Union’s Legal FrameworkASTANA – Kazakh Prime Minister Karim Massimov met Aug. 12 in Sochi, Russia with the heads of the governments of Kazakhstan, Russia, Belarus, Armenia and Kyrgyzstan to discuss strengthening the Eurasian Economic Union’s (EAEU) legal framework.

“In particular, we have almost agreed on a draft of the Customs Code of the Union. There were one or two minor issues that I am sure we will be able to settle to have had this document accepted,” said Massimov at a press conference after the meeting.

“The progress is obvious, and there is no doubt that all works with the document will be completed this autumn,” said Prime Minister of Belarus Andrei Kobyakov. The next Intergovernmental Commission meeting will take place in Minsk.

The meeting focused on the traceability of products and the functioning of a common market of medical drugs, oil and products.

“I would like to say that the introduction of this new practice will help us change the business climate. For instance, streamlining accounting systems used by economic operators and the improvement of the mechanism of tracing goods are needed. Therefore, the governments should think how to reduce possible negative impacts and prepare business for innovations,” highlighted Kobyakov.

Meeting participants noted the importance of a speedy approval of the common principles and rules within the EAEU. Unifying the requirements for pharmaceutical products will allow participants to enter to the markets of third countries, said head of the government of Armenia Hovik Abrahamyan. The prime ministers also discussed regulations concerning the import and circulation of goods on the EAEU’s territory in light of Kazakhstan’s accession to the WTO.

“We discussed technical aspects of this topic. This document is crucial because it provides transparency among our countries,” added Kobyakov.

Participants also agreed to explore unified railway tariffs between Kazakhstan and Kyrgyzstan.

In addition, the heads of the governments reviewed an agreement on a common capital market that was adopted a few days ago at a Eurasian Economic Commission meeting in Moscow. The document allows lifting foreign exchange restrictions on certain banking transactions. This applies to opening bank accounts, raising and disbursing loans, paying for goods and services and purchasing real estate. The agreement will come into force in Russia, Kazakhstan, Kyrgyzstan and Armenia in late 2017 and early 2018 and in Belarus in 2020.

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