Coronavirus has negative effect on CIS economies

Russia’s Prime Minister Mikhail Mishustin took part in a videoconference meeting of the CIS Heads of Government Council, government’s website reports.

As he noted, “efforts are being taken within the framework of the Eurasian Economic Union (EAEU), including completing the drafting of a comprehensive action plan to prevent the spread of the coronavirus infection and other infectious diseases. The coronavirus infection has had a negative effect on the CIS economies. It is logical that we should build up our trade and economic cooperation in this situation.”

“In order to overcome the consequences of the coronavirus pandemic,” Mishustin said, “we should redouble our efforts to remove trade barriers and restrictions, ensure an efficient operation of the CIS free trade zone and promote our cooperation in transport. It would be expedient to accelerate the drafting of an agreement on free trade in services, align the integration processes within the CIS and the EAEU, as well as continue to digitalize our economies. The CIS states should reduce their dependence on fluctuations on the global energy markets. A recent plunge of oil prices has affected many sectors of our economies. Strengthening our collaboration in trade and the economy is especially important in this situation.”

He pointed out, “the draft of the CIS Economic Development Strategy up to 2030 is aimed at strengthening our countries’ economic standing, enhancing the competitiveness of our goods and boosting the development of our industrial sectors and services. The main goal is to improve the wellbeing of people in the CIS countries. Given the current economic developments, it would be in our long-term common interests to adopt this strategy as soon as possible. It is obvious that we will be able to overcome the negative economic consequences of the coronavirus much sooner if we work together. Our multilateral collaboration will produce positive results already in the immediate future.”

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