The 101st meeting of the Economic Council of the Commonwealth of Independent States was held in Moscow, chaired by Deputy Prime Minister of Russia Alexei Overchuk.

The participants of the meeting considered a wide range of issues of economic cooperation between the CIS countries. Representatives of the CIS member states discussed plans for Russia's presidency in the CIS in 2024.

"The main focus of our chairmanship is aimed at deepening economic cooperation, primarily in the areas of food, technological and energy security, transport and logistics, ecology, innovation, digitalization, and strengthening industrial cooperation," Deputy Prime Minister Alexei Overchuk stressed. "At the same time, we proceed from the principles of interconnectedness of the economies of the CIS countries, the importance of synchronizing decisions at the national and regional levels to ensure the sustainable development of the Commonwealth in the new geopolitical realities."

According to him, cooperation on the Commonwealth platform will remain a key priority for Russia.

"I consider it necessary to continue coordinated work to increase economic and production potential, to form new ways of mutually beneficial cooperation. We all understand perfectly well that the main goal of all our efforts is to improve the quality of life and safety of people living in our countries," said Alexey Overchuk.

The members of the Economic Council reviewed the activities of the Council for Interregional and Cross-border Cooperation of the CIS countries, draft concepts for further development of cooperation in the field of chemical industry, as well as cooperation of the CIS countries in the field of hazardous waste management and elimination of accumulated environmental damage.

"Today, the economy is the most important element of multilateral cooperation in the CIS space," said Dmitry Volvach, Deputy Economic Development of Russia. "This is reflected in the Concept of Russia's chairmanship in the CIS bodies in 2024 and in the action plan for its implementation, which has more than 150 points and is already being successfully implemented."

The CIS countries considered issues of financing CIS bodies, the development of the insurance services market, mechanisms for overcoming obstacles in mutual trade, prospects for access to the public procurement market of participants in the Free Trade Area Agreement, as well as an action plan for the implementation of the first stage of the CIS Economic Development Strategy for the period up to 2030.

"As part of the long–term Strategy, the CIS countries have jointly developed an action plan for the development of various sectors of the Commonwealth's economy, which has already proved its effectiveness," Dmitry Volvach explained. "The coordinated economic policy of the CIS countries over the past three years has allowed to increase mutual trade in CIS goods by an additional 6% compared to 2020, and the value of mutual trade by 67%."

By 2023, the CIS countries have managed to increase mutual trade in Commonwealth services by an additional 7%, and the value of mutual trade in services by 55%. Accumulated foreign direct investment has also increased in the CIS region, from $44.5 billion to $49 billion. The increase in 2020-2023 was 10%. Of these, two percentage points provided for the activities of the plan, which in total amounted to about $ 100 million.

"In the year of Russia's presidency in the CIS, we plan to finalize the ratification of the agreement on free trade in services in the CIS with partners from the Commonwealth countries," Dmitry Volvach summed up. "After the agreement comes into force, we will all be able to assess the tangible contribution of the document to the total GDP of the Commonwealth."

The meeting was also attended by CIS Secretary General Sergei Lebedev, First Deputy Prime Minister of Azerbaijan Yagub Eyubov, Deputy Prime Minister of Belarus Igor Petrishenko, Deputy Prime Minister of Kazakhstan Serik Zhumangarin, First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliyev, First Deputy Prime Minister of Tajikistan Khokim Kholikzoda, Deputy Minister of Economy and Finance of Uzbekistan Zhasur Karshibayev, Permanent Plenipotentiary Representative of Armenia to the statutory and other CIS bodies, Ambassador Extraordinary and Plenipotentiary of Armenia to Belarus Razmik Khumaryan, Plenipotentiary Representative of Turkmenistan to the Commission on Economic Issues at the CIS Economic Council, Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Russia Esen Aydogdiyev.

The next meeting of the Economic Council is scheduled for June 21, 2024 in Moscow.