EAEC announced forecasts of development of the agricultural market of the Union until 2030

Forecasts of the agro-industrial complexes of the Eurasian Economic Union countries for medium-term (2021-2025) and long-term (2021-2030) periods were approved on November 9th during the session of the Eurasian Economic Commission Board, World of NAN reports referring to the EEC.

According to calculations, despite the global crisis caused by the pandemic of coronavirus COVID-19, the Union as a whole is projected to increase production of agricultural products. In 2025, the industry's gross production will increase by 17% in monetary terms compared to the base year of 2019, and by 31% in 2030.

Reciprocal trade in 2030 will grow by 24% over 2019 levels and foreign trade by 15%. The Union's increase in foreign trade is driven by an expected 42% increase in exports to $35.5 billion, resulting in a projected $7.1 billion foreign trade surplus.

A mid-term and long-term assessment of the agricultural market of the Union will identify certain trends that governments and businesses of the EAEU countries should pay attention to in order to neutralize the negative consequences of internal and external factors, develop effective proposals to improve the sustainability of agricultural production and competitiveness of agricultural products, as well as the export orientation of the agro-industrial complex of our countries," said Artak Kamalyan, Minister of Industry and Agro-industrial Complex of the EAEU. - The dynamic series of forecasts by years will be reflected in the subsystem of agriculture of the integrated information system of the Union".

Approved forecasts are recommended for use by the EAEU states in developing forecast balances of supply and demand for agricultural products, food, leather, wool, flax and cotton fiber in accordance with the previously adopted methodology.

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