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The protocol defines the procedure of formation of financial means for the implementation of joint cooperative projects in the sphere of industry by the EEU member states, as well as the selection and order of such projects is also fixed. The financial support format is also defined by the decisions of the Eurasian Inter-Governmental and the Supreme Eurasian Economic Councils. The RA Acting Deputy Minister of Economy Narek Teryan said this. He presented for the deputies’ debate the bill on Ratifying the Protocol on Amending the Contract of May 29, 2014 on Eurasian Economic Union on providing financial support while implementing joint cooperative projects in the branches of industry by the Member States of the Eurasian Economic Union.

It was noted that the document was signed by the Supreme Eurasian Economic Council in Moscow on May 25, 2023.

According to the rapporteur, a new tool of financial support will be created by the initiative for the implementation of the cooperative projects in the spheres of industry within the framework of the EEU. It is also designed to boost mutually beneficial cooperative projects through carrying out industrial cooperation within the framework of the EEU for creating high technological, innovative and competitive product.

“The general budget of the joint cooperative projects in the branches of industry by the EEU member states was about 20-22mln USD. That is the budget that is designed for subsidy,” Narek Teryan underscored. According to him, the maximum amount of annual subsidy of one project cannot exceed about 3.8mln USD. The project of financial support will be in force for 5 years.

Answering the MPs’ questions, the rapporteur noted that at this moment such project is implemented in the EEU – Electrobus, where Russia, Belarus and Kazakhstan. “That project cannot be observed as a beneficiary of this project,” Narek Teryan opined. According to him, the issue how these cooperative projects can be fulfilled is debated with the entities. It was noted that the main interest was shown by the companies being engaged with metallurgy.

Welcoming the idea of the initiative, the Deputy Chair of the Standing Committee on Regional and Eurasian Integration Vagharshak Hakobyan noted: “It will create an opportunity to enlarge the frameworks of our activity within the framework of the EEU.” In the MP’s opinion, the Ministry of Economy should do awareness work in the companies of the business sphere.

The issue was debated at February 26 sitting of the Standing Committee on Regional and Eurasian Integration was debated and endorsed.