MOSCOW, October 20. /TASS/. Russian Industry and Trade Minister Denis Manturov proposed to establish economic coordination between BRICS and the Eurasian Economic Union (EAEU), he said Tuesday.

"I propose to start working on opportunities for reducing barriers between the BRICS and the EAEU in order to boost mutual trade, increase investment and new full-scale industrial projects," he said.

Manturov noted that both BRICS and EAEU are huge markets that become objects of global competition amid declining demand. "Thus, to avoid a conflict of interest, in the framework of the EAEU we created a system of sectoral balances," the Minister said.

The Russian Industry and Trade Ministry also intends to develop mechanisms for coordinating promoting products to the markets of the third world countries.

"I am sure that these algorithms can be adjust to the level of EAEU - BRICS," Manturov concluded.