Kyrgyz PM calls on EAEU countries to jointly counter foreign economic pressure

NUR-SULTAN. Feb 25 (Interfax) - The countries of the Eurasian Economic Union (EAEU) should take joint measures to counter foreign economic pressure and speed up the transition to mutual settlements in national currencies, Kyrgyz Prime Minister Akylbek Japarov said at a meeting of the Eurasian Intergovernmental Council on Friday.

"Geopolitical turbulence increases the tension and pressure on the economies of all member states of the organization. In this situation, having close economic relations, we should unite and work together to counter these challenges. It is necessary to take joint measures to neutralize the foreign economic pressure on the EAEU to deter negative external impact," Japarov said.

Practically all countries of the Union are experiencing external shocks and macroeconomic stress, he said.

"There are no algorithms to deter this pressure in the system of our organization. We already have experience when external pressure on one EAEU state leads to cascade impact on the whole Union," Japarov said.

It is necessary to develop programs for target support of the organizations' economic development in the EAEU to ensure macroeconomic stability and resistance to external shocks, he said.

"Such programs should become a logical continuation of the work to achieve the main goals of the Treaty on the EAEU. Besides, we need to urgently start working and implementing joint projects in the industrial and agro-industrial spheres aimed at ensuring food security and import substitution, including in the high-tech sphere. I also call for speedier work on the transition to mutual settlements in national currencies," Japarov said.