Kyrgyz PM urges EAEU to work out mechanisms to quickly address rising food prices

CHOLPON-ATA. Aug 7 (Interfax) - The prime minister of Kyrgyzstan, Adylbek Kasymaliev urged members of the Eurasian Economic Union (EAEU) to work out effective joint mechanisms to quickly respond to the growth of food prices.

"Current challenges require us to not only analyse the situation, but also work out effective joint mechanisms for a quick response. One such challenge is the growth of world prices for food. Food inflation is turning into a source of social tension. This is becoming particularly urgent amid ongoing inflationary pressure," Kasymaliev said at an expanded meeting of the Eurasian Intergovernmental Council in Cholpon-Ata.

He said the Eurasian Economic Commission (EEC) must continue to monitor the situation on agricultural markets, forecast shortages or price growth taking into account information from member countries and promptly submit solutions for consideration that will make it possible to quickly mitigate risks and imbalances in this area.

"The effective formation of common Union markets is becoming particularly important for work. They must become the foundation for the free movement of goods, services, capital and labor, giving member countries real competitive advantages and additional potential for economic growth," Kasymaliev said.

"An example of this is the draft agreement being considered today on brokers' and dealers' access to participation in organized exchange trading. The implementation of this agreement will make it possible to expand financial market participants' access to the infrastructure of member countries and increase investment activity, and become another contribution to the creation of a modern and efficient common financial space in the EAEU," Kasymaliev said.