RESOLUTION OF BUREAU OF INTER-PARLIAMENTARY ASSEMBLY OF EURASIAN ECONOMIC COMMUNITY

of May 13, 2009 No. 10

About Recommendations of Advisory council of Committee of the Federation Council of Federal Assembly of the Russian Federation for the CIS "The Eurasian Economic Community: the approved approaches to overcoming effects of world financial and economic crisis"

The bureau of Inter-parliamentary Assembly decides:

1. Agree with recommendations of Advisory council of the approved approaches to overcoming effects of world financial and economic crisis (are applied).

2. Submit recommendations in parliaments of state members of EurAsEC and Integration Committee for use in work on coordination of collateral actions on overcoming effects of world financial and economic crisis.

Appendix to the resolution of EurAsEC MPA Bureau of May 13, 2009 No. 10

Recommendations of meeting of Advisory council on subject: "Eurasian Economic Community: the approved approaches to overcoming effects of world financial and economic crisis"

In the Federation Council of Federal Assembly of the Russian Federation the meeting of Advisory council of Committee of the Federation Council for the Commonwealth of Independent States on subject "The Eurasian Economic Community took place on April 16, 2009: the approved approaches to overcoming effects of the global financial crisis". Members of Advisory council, heads of Eurasian economic community (further - EurAsEC) and Inter-parliamentary Assembly of EurAsEC, representatives of federal executive bodies, public, scientific and business community, the bank sphere participated in meeting.

During the meeting the most burning issues of interaction of state members of EurAsEC in the conditions of financial and economic crisis were considered, basic reasons of its origin on Eurasian space are analyzed and offers on minimization of its effects are stated. Results of the summit of "Group of Twenty" which took place at the beginning of April, 2009 in London were mentioned, the offers on reforming of world financial system made by the Russian side are discussed.

Participants of meeting noted that world financial and economic crisis affected all countries of the world, sharp fall of production, turning of traditional economic ties, unemployment growth, decrease in the income and level of living of the population turned out to be consequence of what. During this period the features of the crisis phenomena in the EurAsEC countries connected with structural disproportions in their economy, neotrabotannost of mechanisms of interaction in the monetary and credit and bank sphere especially accurately came to light. Already at the initial stage of crisis in the countries of EurAsEC negative effects of high dependence of economy on export of natural resources and from external borrowings, noncompetitiveness of the overworking sector of economy were shown. There was sharp fall of level of social and economic development of the states of Community in many macroeconomic indicators, including in the field of their foreign economic activity. The goods turnover of Russia with these countries was reduced in January-February, 2009 by 42% in comparison with the same period of last year. More the relations of Russia with the main partner in EurAsEC - Belarus with which trade decreased almost by 44% suffered.

During Advisory council the collateral actions planned by state members of EurAsEC on overcoming effects of world crisis approved on Interstate Council of EurAsEC on December 12, 2008 were discussed.

The main directions of further interaction of the countries of EurAsEC in the conditions of financial and economic crisis were discussed at meeting. Members of Advisory council stated specific proposals on "points" of economic growth, enhancement of the international legal base of the relations within Community, to diversification and specialization of economy of the countries of EurAsEC, the main priorities of further cooperation from which the innovative sphere is especially distinguished.

Participants of meeting consider that having only coordinated the actions and having developed the approved approaches on overcoming the crisis phenomena in economy of state members of EurAsEC when ensuring further diversification on the basis of implementation of competitive goods and high technology productions it is possible to apply for the leading post of the countries in world economic community, to qualitatively raise welfare and level of living of the people living in them.

Taking into account stated members of Advisory council recommend:

1. For the purpose of overcoming negative impact of crisis and ensuring long-term sustainable development to state members of EurAsEC to find, first of all, internal sources of growth. In this regard the main priorities in Community could become:

the structural updating of economy leading to decrease in dependence of production on export of fuel and raw products, diversification and specialization of economy;

strengthening of role of the internal demand in ensuring economic growth in the states of EurAsEC;

forming of new innovative model of development of economy, development of industrial and technological potential, upgrade and modernization of production, power - and resource-saving;

development transport, energy, information and other infrastructure components as bases for decrease in the cost level in sectors of economy;

possibility of use of Russian ruble as regional currency within Community, creation of system of audit of financial resources, increase in efficiency and reliability of bank system;

use of instruments of refinancing by the Central national banks of commercial banks and the mechanism of bringing money to the companies of the real sector, and also the mechanism of tax investment loan, payment by installments or delay on interest payment for the credits;

support of business activity in real production sector by strengthening of the stimulating role of the taxation system: use of subsidizing of loan interest rates for the companies having essential social and economic value, decrease in the tax burden of the systemically important companies, use of system of factoring for support of venture small enterprises, development of technoparks;

fight against all manifestations of the protectionism blocking forming of single commodity markets and mutual trading activity.

2. Promote realization of the countries of EurAsEC taken by the governments of measures for overcoming effects of financial and economic crisis, including the Program of crisis response measures of the Government of the Russian Federation for 2009.

3. Accelerate accomplishment of the Joint efforts of state members of EurAsEC approved on December 12, 2008 at meeting of Interstate Council of EurAsEC for overcoming effects of crisis world financially and adoption of the Plan of their realization.

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