Eurasian Economic Commission, MERCOSUR sign memorandum on trade-economic cooperation
YEREVAN, DECEMBER 18, ARMENPRESS. The Eurasian Economic Commission (EEC) and the South American Common Market (MERCOSUR) on December 17 signed a memorandum on trade-economic cooperation, the EEC told Armenpress.
The memorandum was signed in Montevideo, Uruguay, on the sidelines of the MERCOSUR summit.
It was signed by EEC Member of the Board – Minister in charge for Trade Veronika Nikishina and the foreign ministers of Argentina, Brazil, Paraguay and Uruguay.
“This year in January-September the trade turnover between the Eurasian Economic Union (EAEU) and MERCOSUR member states increased by 8%, reaching 6.2 billion USD against the 5.7 billion USD of January-September of 2017. This, of course, is very little and is conditioned by the conservative structure of mutual trade which mainly consists of raw food. By not cutting the already existing trade flows, it is necessary to find cooperation development directions in the fields such as machinery building, production of devices, electronics and agricultural equipment. In addition, the EAEU and MERCOSUR have something to learn from each other on matters relating to domestic integration as the formation of mutual economic ties creates mainly similar issues and tasks which are solved differently. And here the exchange of experience is the key to overcoming the internal obstacles”, Veronika Nikishina said.
According to the memorandum, the authorized agencies will hold broad-format dialogue on trade, customs administration, technical regulation and standardization, economic digitization, as well as on other issues of mutual interest. This will allow to reveal the potential which is mostly not exercised today.
Edited and translated by Aneta Harutyunyan