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Trade inside Customs Union grows faster than with outside world

April 04, 2012, 18:05 UTC+3
The main problem facing the Eurasian Economic Commission is customs duties and adaptation to the terms of the World Trade Organisation
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ASTANA, April 4 (Itar-Tass) —— Member states of the Customs Union – Belarus, Kazakhstan and Russia – are increasing export and import operations among themselves faster than with the outside world, Trade Minister of the Eurasian Economic Commission Andrei Slepnev said on Wednesday, April 4.

“Trade inside [the Customs Union] is growing much faster than trade with the outside world even though it has increased by 30 percent with the outside world, and by 37 percent within [the Customs Union],” he said.

Former Russian Deputy Minister of Economic Development Andrei Slepnev has been appointed to be Russia’s representatives in the supranational body – the Eurasian Economic Commission – as a supranational minister of trade.

The key priority in the work of the new body is to intensify trade among both the “troika” of the Customs Union member states and with other countries.

The main problem facing the Eurasian Economic Commission is customs duties and adaptation to the terms of the World Trade Organisation.

Speaking about Kazakhstan’s accession to the WTO, Slepnev said that this would increase the country’s role as a regional economic hub in Central Asia.

“Incorporation of the WTO rules into the Customs Union regulatory framework already gives guarantees greater transparency of regulation and better quality to foreign investors and business,” he said.

 

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