News & Events in Belarus
Belarus calls for more effort to set up common markets in Eurasian Economic Union
SOCHI, 11 October (BelTA) – Belarus is in favor of putting more effort into creating common markets in the Eurasian Economic Union space, in particular, the oil and natural gas markets. The statement was made by First Deputy Prime Minister of Belarus Vasily Matyushevsky on the sidelines of the CIS and EAEU summits in Sochi, Russia on 11 October, BelTA has learned.
According to Vasily Matyushevsky, the matter is one of the most sensitive ones on the Eurasian Economic Union agenda. “Unfortunately, the work proceeds rather slowly. Maybe the population and commercial entities expect us to take more decisive steps. This is why there are problems,” stated the official.
The Eurasian Economic Union (EAEU) is one of the largest economic unions with over 182 million consumers.
The first stage of liberalization of the trucking market began in 2016. A common market of pharmaceutical and medical products went operational in the Eurasian Economic Union in May 2017. The liberalization of the electricity market has been okayed. A common electricity market is supposed to be created by 2019. The Eurasian Economic Commission is busy working out a concept on creating a common financial market. Programs on setting up the common markets of oil and natural gas by 2025 are in development.
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