Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
BISHKEK, Aug. 15 (Xinhua) — The alignment of China's Belt and Road Initiative and the Eurasian Economic Union (EAEU) promotes connectivity across Eurasia and synchronization of processes in a number of areas between countries, thereby providing a greater opportunity for the development of countries in the region, Kyrgyz economist Iskender Sharsheev said in an interview with Xinhua.
According to him, the above-mentioned conjugation is not just “preferential trade”, but above all the synchronization of processes in a number of areas, including customs, standards, logistics, e-commerce, etc. In practice, this has accelerated land corridors from China to Europe across Eurasia, given impetus to container and refrigerated logistics, and made border crossings more predictable.
According to the Kyrgyz expert, the benefits of this connection are obvious for the EAEU countries. “Kazakhstan is strengthening its role as a transit hub, Kyrgyzstan is getting a chance to monetize through terminals, free economic zones and “last mile” services, Russia and Belarus are increasing the diversification of sales markets in East and Southeast Asia, and Armenia is getting niche supplies and technological cooperation,” he said.
According to I. Sharsheev, in order to further develop the conjugation of the Belt and Road Initiative and the EAEU, it is necessary to continue to intensify interaction in such areas as infrastructure, regulation and finance. “If these three blocks are advanced in parallel, the corridors will not only become shorter, but also cheaper and safer for business,” he added.
From August 14 to 15, a meeting of the Eurasian Intergovernmental Council, an EAEU body, is being held in the Issyk-Kul region of Kyrgyzstan. I. Sharsheev noted that in the 10 years since its foundation, the Union has gone from a zone of “zero” tariffs to a functioning institution with a supranational regulator, the Eurasian Economic Commission, uniform customs rules and virtually free access for citizens to the labor markets of the participating countries.
“At the micro level, this has reduced transaction costs for businesses and households, and at the macro level, mutual trade has grown and a new ‘field of stability’ has emerged that protects businesses from external shocks,” he stressed.
The economist also noted that it is especially important that the EAEU is actively building external relations, concluding free trade agreements with a number of countries, developing cooperation with various associations, promoting “digitalization” — “single window,” electronic invoices, and developing common rules for future energy markets. “They are the ones that provide an economic effect in logistics, certification, and competition,” noted I. Sharsheev. –0–
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
.