Armenian Vice Premier Calls for Changes in EAEU Energy Markets at Nesvizh Meeting

At a recent meeting of the Eurasian Intergovernmental Council in Nesvizh, Belarus, Armenian Vice Premier Mher Grigoryan highlighted significant discrepancies in the energy markets of the Eurasian Economic Union (EAEU). Grigoryan called for qualitative changes in the trade character of these markets to address the existing issues.

The EAEU's energy market discrepancies have significant implications for the economic stability and integration of its member states. Addressing these issues is essential for promoting fair trade practices and ensuring the long-term sustainability of the union.

The meeting, held on June 4, brought together heads of government from EAEU member states, including Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. The primary agenda focused on the state of competition in cross-border markets and measures to curb violations of common rules of competition in 2023.

Grigoryan's remarks underscored the need for a more balanced and fair energy trade system within the EAEU. While specific details of his statements were not disclosed, his call for change reflects ongoing concerns about market fairness and efficiency among member states.

In addition to energy market discussions, the council addressed issues related to the development of transportation infrastructure along the East-West and North-South routes. These discussions are essential for enhancing trade connectivity and economic integration within the region.

The meeting also saw the Eurasian Economic Commission (EEC) Chairman of the Board, Bakytzhan Sagintayev, announcing that the EEC had received a note from Iran expressing a desire to obtain observer status at the EAEU. This request, dated May 27, will be considered in due course.

The EAEU, established to promote economic integration among its members, has seen significant growth in agricultural output and mutual trade over the past decade. The union's agricultural potential, with about 320 million hectares of land, has contributed to a 1.5% increase in agricultural output in the first quarter of 2024 alone.

Russian Prime Minister Mikhail Mishustin emphasized the importance of food security for all EAEU countries, highlighting Russia's leading role in global agricultural markets. According to Mishustin, Russia aims to scale up agricultural production by a quarter and increase exports by 50% by the end of the decade.

The next meeting of the Eurasian Intergovernmental Council is scheduled to take place in Yerevan, Armenia, in late September to early October 2024. This upcoming session will likely continue to address the pressing issues within the EAEU and further the discussions initiated in Nesvizh.

Grigoryan's call for changes in the EAEU energy markets highlights the ongoing need for fair and efficient trade practices within the union. The EAEU's continued evolution hinges on resolving these discrepancies, which will be vital for achieving long-term economic stability and integration among member states.

Key Takeaways

• Armenian VP Mher Grigoryan calls for changes in EAEU energy markets to address discrepancies.
• EAEU member states discuss competition in cross-border markets and fair trade practices.
• Iran requests observer status at the EAEU, to be considered in due course.
• EAEU sees 1.5% increase in agricultural output in Q1 2024, with Russia leading in global markets.
• Next EAEU meeting scheduled for late September to early October 2024 in Yerevan, Armenia.