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REC Director named the main conditions to create a single economic space on the territory of Eurasia

29 october 2021

For Greater Eurasia to become a truly single economic space, countries must work together to harmonize regulatory regimes for cross-border trade. This was stated by Veronika Nikishina, General Director of REC JSC (part of VEB.RF) at the session dedicated to the existence of the Greater Eurasian Partnership from the Atlantic to the Pacific Ocean that was held within the framework of the EEF 2021.

According to the REC Director, there are several basic conditions for the establishment of a single economic space in Eurasia.

The firsts one is the mutual recognition of technical, customs, and tax standards, as well as conformity assessments.

Digitalization and automation of processes can also positively affect the trade turnover, and it is necessary not only to switch to paperless trade but also to simplify the rules of origin, including requirements for certificates of origin.

Besides, according to Veronika Nikishina, the Eurasian countries need to develop common approaches to storing, processing, and transfer of personal data, as well as to the improvement of cross-border data exchange.

“Integration from Lisbon to Vladivostok will contribute to the development of infrastructure, especially cross-border, as well as the construction of new transport corridors, which may go digital in the future. All the participating countries will benefit if we manage to establish close cooperation in Greater Eurasia,” Veronika Nikishina, General Director of REC JSC.

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Russian Export Center JSC (REC, part of VEB.RF) is a state institution for the support of non-resource export. It consolidates a group of companies that provide Russian exporters with a wide range of financial and non-financial support measures. The REC Group integrates the Russian Agency for Export Credit and Investment Insurance (EXIAR JSC), EXIMBANK OF RUSSIA JSC, and ANO Export School, which makes it possible to ensure the availability of the product portfolio that satisfies the needs of various exporters at different stages of the export cycle, from ideation to payment for exported goods and services.


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