EAEC import volume will be reduced, taking into account devaluation of national currencies - ECE Trade Minister Slepnev

MOSCOW, August 25. / TASS / The volume of EAEC import is being reduced and taking into account the situation in the world economy, this trend will continue, European Commission for Europe Trade Minister Andrei Slepnev told reporters on Tuesday. "This is due to the economic slowdown, a recession. This affects investment activity and purchasing power of import demand. This effect is enhanced, of course, by the devaluation of national currency," Slepnev added. He noted that the decline of imports is also affected by the sanctions and the introduction of the Russian food embargo. "Our integration has some positive effects, since the structure of trade is such that we do trade a lot of processed goods. In this respect, at least there is some diversification for Russia, although it is clear that the ratio of the volume of the economy and the market is such that one can hardly count on a full-fledged alternative," said Slepnyov. He said that if not for the Eurasian integration processes, the impact of external factors on the economies of the European Union countries would be stronger. Read more