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1 Oct 2019

EAEU adopts concept of common financial market

EAEU adopts concept of common financial market

YEREVAN, 1 October (BelTA) – The heads of state of the Eurasian Economic Union (EAEU) participating countries have passed a concept of the formation of the common financial market, Belarus President Aleksandr Lukashenko said at an extended session of the Supreme Eurasian Economic Council, BelTA has learned.

“Today we have passed the concept of the formation of the EAEU common financial market thus paving the way for free movement of capital and services,” Aleksandr Lukashenko said.

He noted that the formation of such a market should go hand in hand with a digitalization process, because this will allow promoting top-notch financial technology and improving access to the entire range of financial services. “Naturally we will benefit from the exchange of best practices in this field,” the president said. 

In his words, the EAEU has done a lot for digital transformation of economy,   traceability of merchandise, job creation, and formation of eco-systems for such sectors as trade, cooperation in the manufacturing industry and development of transport corridors. “This work is gaining momentum and it is time to streamline it and to add appropriate norms to the treaty on the union. Simultaneously, we need to pay more attention to information security and to work out uniform standards and formats of cooperation,” the head of state said.

Speaking about recognition of electronic digital signatures in the union, Aleksandr Lukashenko said that this issue should have been settled a long time ago. Otherwise, the digital future will be long in coming, the president added.

The concept agreed by the heads of state reflects goals, principles, timeline, criteria and major areas of work to establish the common financial market in the EAEU. By 2025, the member states are set to reconcile approaches to the mutual recognition of licenses in the banking and insurance sectors and to the cross-border supply of financial services in the securities market. The concept provides for the formation of a supranational body regulating the financial market in line with the Treaty on the Eurasian Economic Union. The work of this body will be specified by a separate agreement.

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