On September 30, during the Eurasian Economic Forum in Yerevan, EEC Board Member (Minister) for Economy and Financial Policy, Bakhyt Sultanov, discussed the progress in forming a common financial market for the EAEU.
According to Sultanov, the creation of a common financial market is a key element of economic integration within the EAEU, enabling the free movement of capital and financial market participants.
The minister noted that despite external challenges, the EAEU is steadily approaching the 2025 milestone for completing the harmonization of legislation governing the common financial market. Active work is being carried out across various platforms, including cooperation with regulators from the member states.
Sultanov emphasized the significant progress made in the use of national currencies in mutual trade. "We already have around 90% of mutual trade conducted in national currencies," he said, noting that this reflects the strengthening of EAEU financial systems and a reduced reliance on the dollar.
The minister particularly highlighted the development and integration of the payment systems among EAEU countries, which plays a crucial role in enhancing financial cooperation and supporting mutual trade.
It was previously reported that by 2025, EAEU member states plan to establish a common financial market. In other words, unified rules will be created for the banking, stock exchange, and insurance sectors across the EAEU countries.
The EAEU, established on the basis of the Customs Union and the Single Economic Space, includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Armenia joined the union in 2015.
