More than 90% of trade between EAEU countries is carried out in national currencies

More than 90 percent of mutual trade of EAEU countries is carried out in national currencies. Bakhit Sultanov, a member of the Economic and Financial Policy Collegium of the Eurasian Economic Commission (Minister) announced this today in Yerevan.

"There is great progress in securing trade through the use of national currencies: more than 90% of our mutual trade and the development of financial systems are in national currency, the connection of our payment systems plays a very important role in that direction. This indicates that the role of our financial systems in that process promotes our trade," Sultanov told reporters within the framework of the Eurasian Economic Forum in Yerevan.

The formation of the common financial market is one of the important elements of economic integration, one of the four freedoms of the Eurasian area. However, according to the deputy minister, the process is complicated, there are many external factors affecting it.

"We had to complete the harmonization of our common financial market and legislation by 2025. And in that direction we are now actively working on all platforms, including with our regulators," said Sultanov.

It was reported earlier that in 2025 the EAEU countries should create a supranational body for financial market regulation. For this purpose, the states are harmonizing the legislation together with the Eurasian Economic Commission.

The Eurasian Economic Forum and the session of the Eurasian Intergovernmental Council are taking place in Yerevan. The events will continue on October 1.