The first Eurasian Economic Forum, which ended in Bishkek, "Eurasian Economic Integration in the era of global change. New opportunities for investment activity" was attended by more than 2.5 thousand participants from 15 countries.
Chairman of the Board of the FBA EAC, Vice President for Financial Policy and Development of Economic Sectors of the RSPP Alexander Murychev took part as a moderator in two thematic sessions of the forum: "Practical aspects of the formation of an integrated currency market in the EAEU space. Mechanisms of direct exchange rate formation of the national currencies of the Member States of the Union", "Ways to expand the use of the national currencies of the EAEU member states in settlements within the framework of mutual trade" and "International experience in the implementation of targeted economic development assistance programs. International programs and projects of inclusive development".
The sessions were held with the active participation of the heads of government bodies and the business community of the EAEU member states. Among the speakers of the panels were Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Sergey Glazyev; Deputy Chairman of the Central Bank of the Republic of Armenia Hovhannes Khachatryan; Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach; Deputy Minister of Energy of the Kyrgyz Republic Tilek Aytaliev; Chairman of the Management Board of JSC "Belarusian Currency and Stock Exchange" Andrey Aukhimenya; Chairman of the Board of the Development Bank of the Republic of Belarus Roman Brodov; Deputy Chairman of the Board of the Eurasian Development Bank (EDB) Sergey Vasiliev; Director of the National Investment Agency under the President of the Kyrgyz Republic Ravshanbek Sabirov; Chairman of the Board of the Russian-Kyrgyz Development Fund Artem Novikov and many others.
One of the key topics of the forum is the weakening of the role of the dollar and, accordingly, an increased role of national currencies in settlements. The opening session was dedicated to the foreign exchange market. Alexander Murychev said that settlements in dollars are declining not only in the EEA countries, but also in other countries.
"We see a decrease in the share of the dollar in settlements not only in the territory of the EAEU and the CIS, but also in other major geopolitical entities: in the Arab world, China, and Southeast Asian countries. This suggests that there are risks and that they need to be avoided. We all have national currencies, they are easier to control and regulate," Alexander Murychev said.
According to him, the central banks of the EEA countries have come to the conclusion that there are no significant barriers and restrictions to the choice of the national currency. This serious conclusion is also supported by business. At the same time, the business community offers to create conditions and appropriate infrastructure.
"If we take the EAEU, then by the end of last year the share of the national currency in mutual settlements was 74%, and in general, since the creation of the integration association, it has never fallen below 70%, even in pandemic years," Alexander Murychev said.
The RSPP Vice-President also noted that another important task from the point of view of Eurasian economic integration is the full use of the potential of development institutions.
He said: "When working on inclusive development programs and projects, it is advisable to pay attention to international experience and take it into account, both at the national level and on the scale of the Union, especially for projects with integration effects."
"Ensuring sustainable and inclusive co-development requires solving a number of complex tasks that require non-trivial solutions based on the best national and international experience. There is a serious difference in the levels of economic development of different economies in the EAEU, which affects the complementarity of economies and limits opportunities for building new production chains and developing mutual trade. Such a topic has become particularly relevant in recent years in the discussion around the future directions of the Union's development," Alexander Murychev added.
The results of the subsequent discussions during the sessions will be reflected in the preparation of practical solutions and recommendations on their problems and will continue to be in focus of the EAEU Business Council.