Balanced and mutually beneficial trade policies discussed at 95th CIS Economic Council meeting

The 95th meeting of the CIS Economic Council took place in Moscow on Sept. 23, 2022. This was the third meeting of the highest bodies of the Commonwealth held in the year of the Republic of Kazakhstan's presidency.

The main leitmotif of the welcoming speech of the Chairman of the Economic Council of the Commonwealth of Independent States, Deputy Prime Minister, Minister of Trade and Integration of the Republic of Kazakhstan Serik Zhumangarin was the need for common cooperation of the Commonwealth countries to provide markets with food products.

"In the context of national economic and food security, it is necessary to focus on saturation of our markets with products of the first necessity, first of all food products. Periodic supply disruptions often lead to limitations in their availability, unreasonable price increases and, consequently, inflationary pressures in the Commonwealth. A balanced, mutually beneficial trade policy will contribute to the welfare of the population. There are opportunities and potential for this," Serik Zhumangarin underlined.

Among the key issues brought up for consideration at the meeting of the Economic Council is the draft Agreement on Free Trade in Services, Establishment, Activity and Making Investments. The document was conceptually agreed on the expert level, now the parties concerned are discussing the annexes to the Agreement defining the market access commitments as well as the section on investments which will be of real benefit to each state. This agreement is designed to provide additional opportunities for strengthening trade and investment activities of the Commonwealth countries.

A special attention in the agenda was paid to the realization of the Interstate program of the innovation cooperation of the CIS member-states for the period up to 2030.

The next meeting of the CIS Economic Council will be held on December 9, 2022 in Moscow

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