Krutoi: EAEU experience in removing barriers can be used its interaction with BRICS

According to Ambassador of Belarus to Russia Dmitry Krutoi, the ten-year experience of the Eurasian Economic Union in removing internal barriers to trade must be extrapolated to the emerging new markets. The diplomat expressed this point of view during the panel session – EAEU and BRICS: The Role in the Formation of a New Multipolar World – within the framework of the Eastern Economic Forum, held in Vladivostok.

Speaking about the potential for interaction between the EAEU and the BRICS member states, Dmitry Krutoi noted a number of positive factors that can be used to connect the economic systems of both associations.

“Mutual trade between the EAEU and BRICS countries has grown by 40 percent in just one year, even in the context of the insane sanctions imposed on Russia and Belarus. Moreover, the share of BRICS in the total trade turnover of the EAEU has already exceeded 30 percent. These are two very important figures. But in order for us to increase these volumes, in our opinion, we, of course, must very quickly and systematically assess all the factors that today impede mutual trade in goods and services, and develop mechanisms for how we will overcome these factors,” said the Ambassador of Belarus to Russia.

In this regard, Dmitry Krutoi noted the activities within the EAEU to remove barriers as a very important experience.

“The EAEU’s ten-year experience on how to move along this track is extremely vital. If we involve new markets, primarily the BRICS markets, and ensure this economic connection through the trade channel, then we must extrapolate this EAEU mechanism to barriers in new markets,” he concluded.