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Russia, Belarus to iron out mechanisms to integrate payment systems, says PM Mishustin

"The harmonization of monetary policy is an integral part of the integration process. It is necessary to draft and sign a respective interbank agreement," Mikhail Mishustin said

MINSK, September 10. /TASS/. Moscow and Minsk should draft and sign an interbank agreement for the harmonization of monetary policy, as well as iron out mechanisms for the integration of payment systems, Russian Prime Minister Mikhail Mishustin said at a meeting of the Council of Ministers of the Union State on Friday.

"The harmonization of monetary policy is an integral part of the integration process. It is necessary to draft and sign a respective interbank agreement," he said.

It is also necessary "to bring the requirements relating to ensuring information security in the financial area to a common denominator, iron out the mechanisms for the integration of payment systems," the PM said, adding that "it is very important for the convenience of both citizens and business."

Tax and customs systems

Tax and customs systems will be synchronized within the Union State, he noted. Regarding those issues "there have been quite a few discussions, ideas," and the sides have managed to reach an agreement and find mutually beneficial solutions, Mishustin said.

"Now it is necessary to quickly draft the agreement on common taxation principles on indirect taxes (international agreement, with deletions, but we almost understand the main approaches to it) and introduce an integrated system of their administration. The joint body - the Committee of the Union State - should coordinate the work," Russian PM said.

Regarding the customs field, if implemented, the respective union program will enable Russian and Belarusian services "to act as one team," he said, adding that "common approaches to the registration of flows of goods in mutual trade will ensure equal conditions for doing business.".