14 Oct 2021 18:39

Pashinyan proposes forming common market of gas, oil, electricity within EAEU

YEREVAN/BISHKEK. Oct 14 (Interfax) - Armenian Prime Minister Nikol Pashinyan has called for setting up common markets of electric energy, natural gas, oil, and oil products among the Eurasian Economic Union (EAEU) member states.

"The formation of common markets of electricity, gas, oil, and oil products within the EAEU is not just an objective on the path toward implementing the EAEU foundation treaty, but also an essential precondition for fully realizing economic integration potential," Pashinyan said at a meeting of the Supreme Eurasian Economic Council in a videoconference format on Thursday.

The elimination of obstacles in mutual trade within the EAEU is among the Union's priorities aimed at ensuring the functioning of domestic markets without exemptions and restrictions, he said.

"The absence of barriers within the union will not only improve confidence between the EAEU member states, but will also increase competitiveness on foreign markets. I believe we should redouble our efforts to identify and remove barriers in trade, create commodities and services markets, build efficient logistic chains, and enhance the Union's transit potential," he said.

Pashinyan also highlighted the importance of protecting the EAEU's internal market from negative effects of economic pressure from third parties.

"In this context, the development of countermeasures occupies an importance place on the agenda of both Eurasian and any other regional integration. Armenia is prepared for close cooperation aimed at finding ways to develop a common approach toward this," he said.

Kyrgyz President Sadyr Japarov, who also took part in the meeting, proposed concluding a gas treaty within the EAEU. "Kyrgyzstan favors the adoption of a draft international treaty on gas agreed upon between all countries within a realistic timeframe," he said.

"The formation of common markets of gas, oil, and oil products is an important aspect of continued integration nowadays. Certainly, these issues directly influence energy security of our countries. And meeting the member states' demand for gas is among the key objectives of building a common market. In this context, we should make sure that a common gas market starts functioning soon," Japarov said.

The speed of global processes, the growing number of natural disasters, and the intensive changes in the global economy show that, in the midterm, the EAEU countries might be exposed to new economic, climatic, and sociopolitical realities, Japarov said.

"Obviously, global changes on the path toward low-carbon production will significantly affect competitiveness of our economies. And in this respect, the foreign trade, industrial, and tax policies of our countries should be promptly adapted to upcoming transformations. The Union should develop a consolidated stance on efforts to ensure low-carbon development of our economies," Japarov said.