EEC identifies promising markets for joint exports by EAEU member countries

MINSK. Nov 10 (Interfax) - The board of the Eurasian Economic Commission (EEC) has approved a report on promising markets and industrial sectors for joint exports by the member countries of the Eurasian Economic Union (EAEU), the EEC press service said on Tuesday.

"The analysis indicates that the metallurgy, chemical, machinery manufacturing, microelectronics, and pharmaceutical sectors are the most promising for cooperation and exports within the union. China, India, Uzbekistan, the United Arab Emirates, Egypt, Iran, Brazil, and various African countries have been identified as key markets to develop industrial cooperation and exports," according to the statement.

EAEU member countries could utilize the report's findings and recommendations in order to help define promising areas to develop industrial cooperation and increase exports to third-country markets.

"It is essential to leverage mechanisms to support industrial cooperation financially; more actively integrate small- and medium-sized enterprises in the production chains of large companies; and fully utilize the opportunities provided by existing free trade agreements in order to expand our collective presence in foreign markets and boost the competitiveness of manufacturers from EAEU member countries," Gohar Barseghyan, minister in charge of Industry and the Agro-Industrial Complex at the EEC, said in the statement.