The Commission together with the member states has proceeded to amending the regulatory-legal framework of the EAEU
The Eurasian Economic Union countries are set to launch a mechanism of financial support of farmers, Kazinform News Agency learned from the Ministry of Trade and Integration.
The EAEU heads of government assigned the Eurasian Economic Commission with a task to jointly explore the issue of enhancing financial support of agro-industrial sector and its infrastructure as well as financial support of joint cooperation projects.
The mechanism provides for subsidizing, at the expense of the EAEU budget, interest rates on loans and credits issued by financial organizations.
The EAEU heads of state and government have reiterated the need to apply financial support mechanism in agro-industrial sector. Based on an analysis of the current state of the EAEU's agricultural sphere and given the importance of the sector for Kazakhstan’s economy, the following priority areas have been determined:
- development of selection and seed industry for agricultural crops;
- sustainable development of cattle-breeding;
- agricultural products processing;
- development of agro-industrial complex infrastructure;
“The Commission together with the member states has proceeded to amending the regulatory-legal framework of the EAEU, including the elaboration of a corresponding draft regulation, which shall define the main terms of financial support and the criteria for selecting cooperation projects of agro-industrial complex,” the Ministry’s press service says.
The results will be announced at a regular meeting of the Eurasian Intergovernmental Council slated for the second half of 2025.
In general, the application of the financial support mechanism in agro-industrial sector will enable Kazakhstani farmers, in cooperation with business entities from the EAEU states, to develop own technologies, build effective supply and resource provision chains, the Ministry adds.
Earlier it was reported that BRICS countries are set to launch a joint initiative to combat land degradation.
Photo credit: Kazinform.
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