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Putin urges EAEU nations to boost cooperation between national payment systems

As the Russian leader stressed, the harmonization of financial markets "should create favorable conditions for making sure that the capital of countries remain inside the integration and is invested in national economies"

MOSCOW, January 23. /TASS/. Russian President Vladimir Putin has stressed the importance of expanding cooperation between national payment systems of the Eurasian Economic Union (EAEU) countries for reducing economic risks.

"A consistent reduction of economic risks created by the use of foreign currencies and payment systems for mutual trade is seen as an urgent task. We believe that connecting partners to the Bank of Russia's financial messaging system and developing inter-system cooperation between national payment systems is an indispensable condition for stable settlements within the Union," he said in an address to heads of EAEU members on the occasion of Russia’s chairmanship in the integration in 2023, which was published on the Kremlin’s website on Monday.

"Harmonization of financial markets should create favorable conditions for the member states' capital to remain within the union and for it to be invested in the national economies. We also consider it advisable to examine the possibility of creating a Eurasian rating agency that would provide evaluation tools to service the growing economic activity in our macro-region," the address reads.

Further deepening of integration interaction will also largely depend on the alignment of competitive conditions for Union enterprises, including through the convergence of tax regulation, introduction of advanced methods of tax administration, and unification of customs procedures using a risk management system at our external borders, according to the Russian president.

Other cooperation areas

Putin also noted more active interaction in the field of digital transformation. "In particular, there are plans to launch the Integrated EAEU Information System and supranational systems for monitoring product sale and purchasing. This will make it possible to expose hazardous and substandard goods and to remove them from the EAEU market. It is necessary to coordinate the introduction of a legally binding online document processing network in EAEU member states and to provide legal and technological conditions for the mutual recognition of these documents. It is important that digital technologies and solutions in the economic sphere are introduced in all EAEU countries in line with common principles and approaches. It would be appropriate to formalize the latter by a separate document of the Eurasian Intergovernmental Council," he pointed out.

The EAEU nations have "an extremely powerful agro-industrial base that not only guarantees self-sufficiency in staple foods but makes it possible to export substantial amounts of food products," the president said, adding that it is suggested to jointly draft a wide range of measures that would develop the agricultural sector still further, in an effort to enhance food security.

"I would like to note that the EAEU has traditionally held leading positions in the energy sector. We should certainly continue to create common energy markets in line with systemic and well-thought-out concepts. The use of the most advanced civilian nuclear power technologies will make it possible to confidently address energy transition issues," the Russian leader stressed.

Moreover, it is necessary to continue to work on the formation of a new transport and logistics infrastructure that would fully meet the current economic realities, Putin said. "Of particular importance today is the development of seamless, secure international transport corridors linking the EAEU member states," he concluded.