Alexander Subbotin, Board Member and Minister in Charge of Industry and Agro-industrial Complex for the Eurasian Economic Commission lauds progress but sees potential for greater integration
Yekaterinburg, Russia, 9 July 2019 – Ministers and high-ranking officials from the Eurasian Economic Union participated in a panel discussion at the Global Manufacturing and Industrialisation Summit in Yekaterinburg today.
The panel concluded that the union, which only came into being on 1 January 2015, has been effective in increasing cooperation between the countries, with internal trade growing by 10% in 2017. Customs borders have been removed between member countries and common technical specifications and regulations have been implemented.
Alexander Subbotin, Board Member and Minister in Charge of Industry and Agro-industrial Complex for the Eurasian Economic Commission said the union had already proven successful but there was opportunity for even greater integration. Import substitution and increasing global competitiveness are key objectives going forward. New free trade agreements with foreign trade partners, namely India, Singapore and Egypt are currently being worked on, and a high-level working group is looking to identify import substitution opportunities.
The panel heard that VAT reimbursement within the bloc is an issue and members were urged to integrate their information systems. Subbotin said more money and effort ineeds to be invested in science and education to deliver breakthrough technologies and to produce the managers, researchers and process engineers necessary for the union to thrive in the Fourth Industrial Revolution.
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The Global Manufacturing and Industrialisation Summit (GMIS) was established in 2015 to build bridges between manufacturers, governments and NGOs, technologists, and investors in harnessing the Fourth Industrial Revolution’s (4IR) transformation of manufacturing, to enable the regeneration of the global economy. A joint initiative by the United Arab Emirates and the United Nations Industrial Development Organization (UNIDO), GMIS is a platform that presents the manufacturing sector with an opportunity to contribute towards global good, and that is committed to bringing benefit to all. As the world’s first cross-industry initiative, GMIS offers a platform for leaders to engage on the issue of the future of manufacturing, highlighting the need for greater investment in capabilities to foster innovation and drive skills development on a global scale. Uniting key stakeholders – including world leaders, industry CEOs, and specialist researchers and academics – GMIS has placed manufacturing at the heart of economic transformation and government policy-making, promoting it as a tool for global cooperation and collaboration.
The first edition of the Global Manufacturing and Industrialisation Summit was held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, at the Paris Sorbonne University Abu Dhabi in March 2017. It brought together over 3,000 leaders from government, business, and civil society from over 40 countries to advance manufacturing and industrial development globally, and to identify key trends and opportunities across 6 themes.