Kazakh PM proposes to hold consultations of EAEU countries` central banks

Prime Minister Alikhan Smailov took part in a meeting of the Eurasian Intergovernmental Council in an expanded format, El.kz reports with reference to the press service of the Government of the Republic of Kazakhstan.

The event was attended by the Chairman of the Cabinet of Ministers - Head of the Presidential Administration of the Kyrgyz Republic Akylbek Zhaparov, Chairman of the Government of the Russian Federation Mikhail Mishustin, Prime Minister of the Republic of Armenia Nikol Pashinyan, Prime Minister of the Republic of Belarus Roman Golovchenko, as well as high representatives of observers and invited countries - Prime Minister of the Republic of Uzbekistan Abdulla Aripov and Prime Minister of the Republic of Azerbaijan Ali Idayat oglu Asadov.

Alikhan Smailov noted that as a result of the measures taken by the governments of the EAEU countries, there is a recovery in the main economic indicators and economic risks are partially neutralized.

"In particular, measures to stabilize and ensure economic growth made it possible to increase medium-term growth forecasts for the economies of the EAEU countries. In the first half of the year, we have seen an increase in mutual trade. Kazakhstan's trade turnover with the EAEU countries grew by 4.8%, amounting to $12.6 billion," the Prime Minister of Kazakhstan said.

 At the same time, the Head of Government stressed that for further development it is necessary to focus on solving a number of key issues.

Thus, according to Alikhan Smailov, building a barrier-free environment is the basis of relations between the EAEU countries, directly prescribed by the Agreement on its creation. The Commission, which has all the necessary powers, should play a leading role in this regard.

"In the current conditions, it is important to determine the mechanisms for leveling the consequences of the restrictions that countries are forced to impose unilaterally," the Prime Minister said.

 The Head of Government added that when imposing restrictions in mutual trade, conditions should be created to maintain a certain level of provision of other states with EAEU goods, as well as to simplify supplies from third countries.

The Prime Minister also stressed that at present the Union countries are facing a serious increase in prices, especially for food products. So, for 6 months, prices in the EAEU increased by an average of 12.9%.

"At the same time, we see serious distortions in the exchange rates between our national currencies, which are determined through cross rates against the US currency. This has a impact on trade and on inflationary processes in our countries," Alikhan Smailov said.

In this regard, the Prime Minister proposed to hold appropriate consultations of the central banks of the EAEU countries and make proposals for the next meeting of the Intergovernmental Council.

 In addition, the Head of Government drew attention to the need to ensure the freedom of transit of goods for the development of exports of the EAEU countries. An important practical step in this direction can be the modernization of the infrastructure of the Eurasian transport corridors in the East-West and North-South directions.

"Solving the above issues, in our opinion, will help us to more successfully overcome the difficulties that we have been facing recently. I am confident that by joint efforts we will find answers to the challenges that we face and ensure the sustainable development of our economies, as well as improving the well-being of our citizens," Alikhan Smailov concluded.

Following the meeting, the participants signed a number of multilateral documents.

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