Increase in Industrial Production: EEU records a 3.5% growth between January and September
In Moscow, Iya Malchina, the official representative of the Eurasian Economic Commission (EEC), announced an increase in industrial production and investments during a briefing. The briefing, held in November 2021, was attended by a BELTA correspondent.
According to Malchina, the EAEU reported a 3.5% increase in industrial production from January to September 2021, amounting to over $1 trillion in total. The volume of construction work performed in the EAEU during the same period increased by more than 9%, totalling approximately $135 billion.
Moreover, investments in fixed capital for January-June reached almost $173 billion, marking an increase of over 8% compared to the same period last year.
In a significant development, Malchina also stated that the EEC has defined criteria for classifying markets in the EAEU as cross-border. However, no further details about these criteria were provided during the briefing.
Despite the progress, challenges remain in the EAEU's efforts to create a seamless single market. The EAEU aims to remove barriers and harmonize regulations to ensure the free movement of goods, services, capital, and labor among member states. However, the specific criteria for defining markets as cross-border within this framework remain unspecified in accessible sources.
The EAEU and EEC continue to work towards integration, overseeing competition policies to harmonize legislation and maintain equal competitive conditions across the single economic space. Trade agreements, including EAEU frameworks, often incorporate rules to define origin and access rights, but specific cross-border market classification criteria are not detailed in the provided documents.
Challenges related to border crossings and logistics bottlenecks also affect market integration, but these are not part of defined classification criteria for cross-border markets. For more detailed information on the EEC's criteria for classifying markets or the EAEU's handling of cross-border market issues from a legal or technical standpoint, further research may be necessary.
News from the finance industry reported that the Eurasian Economic Union (EAEU) had witnessed a 3.5% increase in industrial production from January to September 2021, worth over $1 trillion. This growth was followed by a surge in investments in fixed capital for January-June, totaling almost $173 billion, representing an increase of over 8%. The announcements were made by Iya Malchina, the official representative of the Eurasian Economic Commission (EEC), during a briefing attended by a BELTA correspondent in November 2021.
