Customs Union members intend to set up agro-industrial corporation

In order to integrate the three economies and establish an effective public-private partnership, Agriculture Minister of Russia Yelena Skrynnik has proposed to create an agro-industrial corporation within the Customs Union. The proposal has been unanimously supported by the representatives of the Customs Union member states. The corporation is expected to bring together the leading dairy, meat, and grain manufacturers of the three countries. A working group will be created to implement this project.

The Russian minister said that it is vitally important to secure the public-private partnership not only on the level of a single state but within the Customs Union as a whole. In her words, the main objective today is to unite the potential of the three countries on a mutually beneficial basis with a view to national interests and competitive advantages of each member state. The joint efforts should be taken to increase the mutual trade turnover, develop export potential, and settle the problems of global food security, which can create a solid ground for the integration.

The trade between the Customs Union members has been witnessing a sustainable growth over the past four years. It totaled more than $4 billion in 2010.

Yelena Skrynnik expressed her confidence that the Customs Union states may become guarantors of the global food security as they posses a huge industrial potential and enjoy a favorable geographic location.

Russia and Kazakhstan have already become high-profile players on the global market of grain. Belarus exports some $4 million tonnes of milk, while Russia plans to export up to 600,000 tonnes of meat by 2020, BelTA reports.

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