3 Apr 2020 19:06

Eurasian Economic Commission Council endorses urgent anti-coronavirus measures

MINSK. April 3 (Interfax) - The members of the Eurasian Economic Commission (EEC) Council supported new proposals on measures toward maintaining economic stability amid the coronavirus infection pandemic at a meeting on Friday, the EEC press service said on Friday.

"A relevant draft directive by the Eurasian Intergovernmental Council has been endorsed," the press service said.

The package of urgent stabilization measures envisions the organization of interaction between the Union's authorized bodies in conducting sanitary and anti-epidemic procedures to prevent and minimize effects of the infection spread.

To promptly arrange the delivery of basic necessity goods in mutual trade, the parties planned to create a green corridor through relaxing customs procedures for the clearance of critically important goods.

"Systemic measures are aimed at providing preconditions for restoring and promoting continued economic development. They include the development of trade digitalization, stabilization of financial markets and payment systems, support for enterprises operating in the worst-hit economic sectors, and the expansion of trade relations," it said.

The measures have been developed "to ensure the efficient functioning of the Eurasian Economic Union, maintain macroeconomic stability, and provide preconditions for continued economic growth."

These measures are expected to help the governments of the EAEU countries to develop and implement measures to contain the coronavirus spread, protect the people's health, minimize negative effects for the business sector, preserve the employment rate, and help the financial systems remain sustainable.

The Eurasian Intergovernmental Council is expected to consider a draft directive on measures to be undertaken within the Eurasian Economic Union to maintain economic stability amid the Covid-19 pandemic on April 10.