RUSSIA, October 26 - Excerpts from the transcript:

Maxim Reshetnikov: It is a unique day today in Bishkek: three events at the same time and three meetings of heads of government of three organisations: the EAEU, the CIS, and the SCO.

The Russian Federation is a member of each of the organisations, and each one is important for us. These are large and effective integration projects important for our economy. Suffice to mention that last year the growth in trade with the CIS countries amounted to 16 percent, with the EAEU countries 25 percent; and if we take the SCO, which includes our largest trade partners, above all China, the growth there was 44 percent. Therefore, there is no need to explain how important this is, how important the discussion is, and how important the constant work to remove trade barriers and form common markets is. The market within the EAEU is the tightest market, of course: it includes the labour market, services, goods, and capital. And we are working in all these areas.

As for the SCO agenda, here we have the largest list of countries with which we discuss issues, primarily related to payments, the transfer of all payments into national currencies, and the formation of an independent financial system. The issue of logistics and building transport corridors is also important, since this is what brings our countries closer together on the one hand, and forms a powerful economic basis on the other hand, because if there are transport routes, there will be trade. After all, trade is not born from nothing either. Everyone has their own protected industries, their own markets, and their own interests. But at the same time, everyone understands that it is more effective to do so together, and the more complex the product, the larger the market it needs. Therefore, if you want to produce medium-haul or long-haul aircraft, microelectronics, and some other innovative complex products, then you really need a large market first, and second, you need technological cooperation, so we are gradually addressing all these issues.

Moreover, the humanitarian agenda constitutes an important layer, because if there are no human contacts, there will be no good relations and no trust; there will be no anything else. Trust is a significant and important factor in international economic relations. Trust between people.

And of course, these are issues affecting our closest neighbours, with whom we do not only share a common economic space, or just a free trade zone (I mean the CIS), but also a common past, common cultural and humanitarian potential.

We also communicate very closely and discuss issues. This year we took a very big step. We have signed an agreement on a free trade zone in services and are now forming a single market for services. And, of course, we discuss issues related to trade; they also require constant attention.

As for our Eurasian agenda, here we are moving at the most advanced pace, with the deepest integration. The key point here is the approval of the procedure for implementing joint industrial projects. Specific criteria have been approved. Probably the most significant one is that at least three countries must participate in every project. We expect that this will also provide powerful support to continue our projects and to the momentum we have gained: a 25 percent increase in trade.

A lot of other issues also require attention. Perhaps they do not look like fundamental ones, but they are very important. These are traceability of goods, so that we can have a painless mutual trade. These are import duties. These are additional quotas, including a very difficult issue of meat that was discussed, because each of our countries is interested in some kind of additional balancing of our own markets to combat inflation, that is, we are looking for our own delicate balance between the interests of producers and consumers. And since there is only one market, then in addition to the balance within each country, it is also necessary to combine the balances of each country.

All this requires a large talking process and a lot of effort. Large teams of negotiators are involved: both in industry departments and in the Ministry of Economic Development; the Customs Service is also actively involved. In general, we are addressing all these joint issues. And, of course, the meeting of heads of government is of paramount importance, because all the most difficult issues are, in one way or another, brought before the heads of government. And they must do all this, let’s say groundwork, which is extremely important for our economies. If some global issues emerge, then there is the Supreme State Council for this, which consists of presidents, it also meets twice a year. Therefore, some issues will definitely be raised there.