EEU INTEGRATION TO DECREASE DEPENDENCY ON DOLLAR, EURO IN MUTUAL TRADE
(c) Sputnik. Anton Denisov
BUSINESS
18:56 08.12.2014(updated 19:03 08.12.2014)
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Russia, Belarus, Kazakhstan and Armenia have already signed and
ratified a treaty establishing the Eurasian Economic Union.
(c) SPUTNIK. EGOR ERYOMOV
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MOSCOW, December 8 (Sputnik) — Integration with the Eurasian
Economic Union (EEU) which will replace the existing Customs Union
between Russia, Belarus and Kazakhstan starting January 1, 2015,
will help its member-states decrease dependency on the euro and US
dollar in mutual trade, Executive Vice President of Russian Union of
Industrialists and Entrepreneurs Alexander Murychev believes.
Russia, Belarus and Kazakhstan have already signed and ratified a
treaty establishing the Eurasian Economic Union. The three countries
were later joined by Armenia, which signed the treaty in Minsk on
October 10.
“Economic integration within the EEU framework will help get rid of the
use of the US dollar and euro in mutual trade,” Murychev said during
the Eurasian Economic Congress at the press center of International
Agency Rossiya Segodnya.
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Close to Create Free Trade Zone According to Igor Suvorov, president
of Interstate Bank, currently 55% of all transnational transactions
between the CIS countries are being conducted in rubles, 30% in US
dollars, 9% in euros and the rest in other national currencies of
the organization’s member-states. “The goal is to increase the share
of national currencies in transactions to decrease the use of the US
dollar and euro,” Suvorov said.
Nevertheless, the congress’ participants agreed that it’s still too
early to discuss the creation of a single currency within the EEU,
as it requires a united supranational regulator and a united emission
center. The decision has been made to create a regulating body in 2025,
Suvorov said.
From: Emil Lazarian | Ararat NewsPress
Disclaimer: This article was contributed and translated into English by Emil Lazarian. While we strive for quality, the views and accuracy of the content remain the responsibility of the contributor. Please verify all facts independently before reposting or citing.
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