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Zhaparov on need for mechanisms to minimize risks related to shortage of goods in EAEU market

by June 21, 2022 General

It is necessary to introduce mechanisms to minimize the risks, associated with shortages of socially important food products in the internal market of the Eurasian Economic Union (EAEU), Chairman of the Cabinet of Ministers of Kyrgyzstan Akylbek Zhaparov said Tuesday at an extended format meeting of the Eurasian Intergovernmental Council.

The meeting took place in the Belarusian capital Minsk under the chairmanship of Kyrgyzstan.

In his speech, the head of the Cabinet noted that the results of the first five months of this year show positive dynamics of GDP growth. In January-May 2022, Kyrgyzstan’s GDP amounted to KGS 270.2 billion and real growth rate amounted to 105.7%.

Akylbek Zhaparov stressed that foreign trade turnover of Kyrgyzstan in January-April amounted to USD 3 billion, having increased by 43.3% compared to the same period last year.

The head of the Cabinet also noted the need to consolidate joint efforts to ensure the economic and financial stability of the Union and suggested a number of priority measures within this work.

“First – in the short term we need to introduce mechanisms to minimize the risks, associated with shortages of socially important food products in the domestic market of the Union,” the chairman of the Kyrgyz Cabinet said.

The second measure Akylbek Zhaparov identified the accelerated recovery of the disrupted cooperative business chains.

According to the head of the Cabinet of Ministers, the next priority measure is strengthening of resilience of financial markets and economies of the Union member states to external shocks, and the creation of conditions for effective mobilization and investment of financial resources.

He suggested to launch the Eurasian bond market initiative with quotes in national currencies.

“The fourth measure is the accelerated expansion of the transit potential of EAEU countries. In the context of global changes and the shift of the global economic center to the east, it is important to develop new logistics corridors and create transport systems that ensure full transport connectivity,” Zhaparov stressed.

In conclusion, the head of the Kyrgyz Cabinet invited the participants to the next meeting of the Eurasian Intergovernmental Council to be held on the shore of Issyk-Kul Lake.

Source: Kyrgyz National News Agency