EAEU approves emergency measures to combat coronavirus

“At the meeting on 3 April, members of the Council of the Eurasian Economic Commission upheld the Eurasian Economic Commission's new proposals designed to maintain economic stability amidst the coronavirus pandemic. A draft resolution of the Eurasian Intergovernmental Council was approved,” the press service informed.

The package of emergency measures provides for concerted efforts of the EAEU agencies to mitigate the impact of the pandemic. “There are plans to establish a green corridor to enable fast delivery of essential goods across the EAEU. Customs clearance of critical products will be simplified,” the press service noted.

Other measures seek to facilitate economic recovery. “They include efforts to promote digital trade, to maintain stable operation of financial markets and payment systems, to support businesses across the most vulnerable economic sectors, and to facilitate trade,” the press service informed.

The ultimate goal of these measures is efficient functioning of the Eurasian Economic Union, macroeconomic stability and economic growth. “These efforts will help governments of the EAEU member states to develop and implement measures to localize the spread of the coronavirus, protect public health, minimize repercussions for businesses, retain jobs and maintain stability in the financial sector,” the press service noted.

The draft resolution “On measures to maintain economic stability in the Eurasian Economic Union in the face of the COVID-19 pandemic” will be scrutinized by the Eurasian Intergovernmental Council on 10 April.