August 24, which marked the first day of the forum, saw the national export credit agencies of Russia, Kazakhstan, Belarus, and Armenia sign the memorandum following the main plenary meeting attended by the deputy prime ministers of the EAEU countries.
Support for exports forms a key area in developing the economies of EAEU member states. A range of national initiatives is being implemented, which will provide incentives to boost exports. However, in order to provide the support required to ensure competitiveness on the global market, it is essential that the corresponding tools are integrated. Export credit agencies are a country’s main export support institution, and their cooperation within the EAEU will result in even greater prospects for business growth, and more opportunities to identify overseas partners.
The memorandum is to lay the foundations for interaction between the agencies and fix key parameters and principles dictating subsequent cooperation. Given the current prospects and plans to provide joint support for cooperative projects within the EAEU, this step represents a local, and indeed crucial step on the path to creating systemic measures to support exporters union-wide. Such support will be facilitated through collaborative efforts to build cooperation mechanisms.
On the same day, the forum hosted a meeting of the heads of ECAs based in the EAEU. Among the attendees were Nikita Gusakov, Managing Director of Business Development and Underwriting at EXIAR (Russia); Gennady Mitskevich, General Director of Eximgarant of Belarus; Ruslan Iskakov, Chairman of the Management Board of KazakhExport (a subsidiary of Baiterek National Management Holding Company in Kazakhstan); and Armen Shahnazaryan, Chairman of the Management Board and Executive Director of the Export Insurance Agency of Armenia. In addition, the meeting presidium included Eldar Abakirov, Deputy Economy Minister of Kyrgyzstan; Veronika Nikishina, Member of the Eurasian Economic Commission Board (Minister) for Trade; and Timur Zhaksylykov, Member of the Eurasian Economic Commission Board (Minister) for Economy and Financial Policy.
Representatives from the ECAs discussed the agencies’ role within the state export support system in the EAEU, as well as other current issues related to developing and strengthening the export potential of EAEU member states, including in third countries outside the bloc. At the same time, the parties identified prospects for further developing cooperation based on the memorandum, including plans to collaborate on creating a separate platform enabling the ECAs of EAEU member states to interact together. The organizations intend to use this platform to exchange information and experience on an ongoing basis through various meetings at different levels. It will also enable the ECAs to continue to work on mechanisms to provide overarching support on cooperative projects involving suppliers from all union member states.
Senior figures from the ECAs have commented on their organizations’ participation in the Eurasian Week Forum.
"Increasing interaction between export credit agencies in EAEU member states is an integral part of current integration processes within the union. At this new stage, we intend to work together to broaden the existing credit and insurance support toolkit, both at a national and union-wide level. This will encompass the promotion of joint cooperative projects."
"The Eurasian Week Forum is a crucial platform in terms of integration and cooperation. It has enabled financial institutions to join and consolidate their efforts to support exports from Eurasian Economic Union member states. This, in turn, makes it possible to greatly strengthen the role of national economies in the global arena."
"Today’s signing of the memorandum of cooperation represents a carefully considered and logical step forward in our ambitious efforts to run a single, coordinated policy across numerous areas of economic development in the EAEU, including the development of the export sector. By synergizing the potential of EAEU national economies, harmonizing legislation, and creating mutually beneficial and equal conditions, we can strengthen our countries’ economic foundations. We shall see substantial advantages arise from these steps, leading to the free movement of goods and services. It will result in the gradual and systemic removal of barriers hindering businesses’ access to each other’s national goods and services markets."
"Stimulating, developing, and strengthening the export potential of Eurasian Economic Union member states will undoubtedly be an integral factor affecting sustainable economic growth. At the same time, broadening exports will enable us to diversify the structure of EAEU national economies. In signing the memorandum, the parties have expressed their willingness to work together to facilitate economic growth and boost exports, both from individual Eurasian Economic Union member states, and the EAEU as a whole."