“I am sure that this will significantly simplify trade procedures and speed up the transportation of goods between our countries,” minister of trade of the Eurasian Economic Commission (EEC) Andrey Slepnev said.

The Eurasian Economic Union (EEU) and China recently signed a road map aimed at activating and saturating trade and economic cooperation between the two sides. In a virtual ceremony, the two sides planned to gradually shift to the electronic form of document exchange during freight rail transportation using an electronic digital signature.

The ceremony took place within the framework of the third meeting of the Joint Commission on the Implementation of the Agreement on Trade and Economic Cooperation held virtually.

Slepnev and Chinese deputy minister of commerce Li Fei participated.

The road map includes three sections: digitalisation of transport corridors, dialogues on foreign trade policy, as well as conducting a joint scientific study on the effects of various scenarios for deepening cooperation between the EAEU and China, an EEC release said.

In addition, it is planned to develop cooperation in the customs sphere, as well as in the field of veterinary and phytosanitary control. In terms of maritime and road transport, exchanging experience in electronic logistics information has been planned.

The second section of the roadmap is focused on the formation of a sustainable dialogue on trade policy issues that have a significant impact on international trade. Areas agreed with the Chinese side for discussion during 2023-2024 are the climate agenda, strategies for the development of foreign trade of both sides, international practice of applying measures to protect the domestic market and electronic commerce.

The third section involves the scientific circles of the EAEU and China conducting a comprehensive analysis of the effects of various scenarios for deepening trade and economic cooperation between the EAEU, its member states and China.

Fibre2Fashion News Desk (DS)