EAEU countries approve concept for commodities exchange market without oil products
YEREVAN. Oct 2 (Interfax) - The prime ministers of Eurasian Economic Union (EAEU) countries approved a concept on Tuesday for the formation of a common commodities exchange market, Russian Deputy Prime Minister Alexei Overchuk said after a meeting of the Eurasian Intergovernmental Council.
Asked whether commodities such as crude oil and oil products were included in the concept, he said "we discussed this issue in considerable detail at a meeting of the Eurasian Economic Commission (EEC) and decided that issues regarding regulation of oil products should be regulated within the framework of other documents."
EEC Competition and Antimonopoly Regulation Minister Maxim Yermolovich said earlier that the concept for the EAEU exchange market "should encompass virtually the whole commodity assortment of the exchange market."
EAEU members plan to create the common commodities exchange market by 2028, Russia's Economic Development Ministry said.
"All participants of exchange trading in every country of the union will get seamless access to trading and expanded opportunities for developing mutual supplies by using price indicators for exchange commodities that are independent from world indicators," the ministry said.
The formation of a common commodity exchange market is part of the strategy for the development of the EAEU to 2025 and work on creating it began in 2021. The EEC said in 2022 that at the initial stage the common exchange market might trade commodities such as coal, mineral fertilizer, vegetable oil, sugar, meal, millcake, forest products, metals, construction materials, cement and gold.
"In the second stage, after the approval of the rules for exchange trading and the elimination of restrictive measures or bans on exports and imports within the context of mutual trade, it will be possible to add commodities such as electricity, gas, oil, oil products and grain to the list," the EEC said when the concept was being prepared.
