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EEU Business Council Presidium holds first meeting in Minsk

The Eurasian Economic Union (EEU) needs cooperative chains for the production of goods with high added value. Today, November 26, Minsk hosted an EEU meeting to discuss how to improve the efficiency of the new integration association. 

Sergei Sidorsky, Member of the Board (Minister) for industry and agro-industrial complex of the Eurasian Economic Commission:
The tasks that we have set ourselves is to create cooperative chains with added value. In general, the level of added value in the EEU countries has been 3-4 times lower than in China over the past 10-15 years. So we have our own economy, use a lot of raw materials and use the end result of the product. Pulling cooperative chains, is especially important for the Belarusian economy, I mean the transfer of existing production facilities to Kyrgyzstan, to Armenia (they are EEU newcomers).

In 2014, more than 10,000 joint ventures have been created on the territory of the EEU members. The total volume of accumulated investments today is about $25 billion. However, there are still many barriers to trade and exemptions between the EEU members. We want to minimize the number of such exemptions in the new edition of the EEU Customs Code in 2016. 

Sergei Sidorsky, Member of the Board (Minister) for industry and agro-industrial complex of the Eurasian Economic Commission