The EAEU Summit adopted a decision on the common market of oil and petroleum products and a statement on climate

Date of publication: 18 October 2021

Issues of further integration within the framework of the Eurasian Economic Union (EAEU), the creation of a common energy market, cooperation in the environmental sphere and digitalization tasks were in the focus of the October 14 meeting of the Supreme Eurasian Economic Council (SEEC), writes TASS.

Russian Leader Vladimir Putin noted that integration cooperation within the EAEU continues to develop and strengthen against the background of the difficulties associated with the pandemic, as well as in the context of Western sanctions pressure on some countries of the union. Nevertheless, economic growth and cooperation continue in the NPP states, and in the first six months of 2021, trade turnover within the organization increased by a third, he noted.

External unfavorable conditions further stimulate the strengthening of cooperation within the union, work on new large-scale projects. In addition, the successes in integration within the EAEU attract the interested attention of a number of foreign countries, observer states are increasingly involved in the work of the union, Putin stated.

One of the key documents of the current meeting was the decision to move to the second stage of creating common markets for oil and petroleum products.

An important issue on the agenda was also the topic of strengthening cooperation on environmental issues, including in the field of climate regulation. Putin noted Russia’s active efforts to reduce the carbon intensity of the economy, reduce greenhouse gas emissions, and develop green energy. And he proposed within the framework of the EAC to begin the unification of standards on carbon reporting, implement mutually beneficial climate projects, and jointly create their own technologies based on the use of carbon-free energy sources.

President of Kazakhstan Kassym-Jomart Tokayev called for the exchange of experience in the field of low-carbon development, taking into account the specifics of the economies. In turn, the Prime Minister of Armenia drew attention to the work carried out at the site of the Eurasian Economic Commission aimed at promoting environmentally friendly transport in the Eurasian space.

Following the meeting, a statement was adopted in which the EAEU member states expressed their readiness to make “an important contribution to international efforts to combat climate change.”

Putin outlined several areas in which the EAEU countries, in his opinion, need to interact more actively. Thus, states should continue to increase cooperation in industry and agriculture, in ensuring maximum freedom of movement of goods, services, capital and labor, “in order to form a truly full-fledged, stable common market.” This idea was supported by colleagues in the EAEU.

President of Kazakhstan Tokayev called for the development of the potential of cross-border transport arteries and logistics hubs. President of Kyrgyzstan Sadyr Zhaparov paid special attention to the need to create mechanisms to ensure food security of the EAEU countries.

Another area that should be given special attention within the EAEU is digitalization, the President of the Russian Federation believes. Technologies, according to him, simplify doing business, increase mobility and accessibility of services, help to adapt economies to the pandemic situation.

As a result of the summit, a block of eight documents was approved, including the decision “On the transition to the second stage of the formation of common oil and petroleum products markets of the Eurasian Economic Union”. The statement “On economic cooperation of the member states of the Eurasian Economic Union within the framework of the climate agenda” was also adopted.

In addition, a protocol was adopted on amendments to the EAEU Treaty regarding pension provision for officials and employees of the Eurasian Economic Commission and the Court of the Eurasian Economic Union who are citizens of the Russian Federation.

Changes were also made to the list of sensitive goods for which the Council of the Eurasian Economic Commission can change the rate of import customs duty, a report on the results of an external audit in the EAEU bodies in 2019 was approved; a decision was made to change the member of the EEC Board for internal markets, informatization, information and communication technologies.

The parties also approved an order on the time and place of the next meeting of the Supreme Eurasian Economic Council.



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