EEU, agricultural production to grow 8% in 2016-2017

The EEC works on agricultural development forecasts and consolidated demand and supply forecasts in a view to substitute imports from third countries
EEU, agricultural production to grow 8% in 2016-2017
14 September 14:06 2016 Print This Article

In 2016-2017, the Eurasian Economic Union (EEU) expects an 8% production growth in agriculture, 19% in export growth, and 15% growth in mutual trade.

The Board of the Eurasian Economic Commission (EEC) has approved joint agricultural development forecasts and consolidated demand and supply forecasts on the main agricultural products and foodstuffs in the EEU for 2016-2017. “In accordance with the prepared document, the growth in agricultural production is expected to be 8%, exports– 19%, and mutual trade – 15%. In 2017, the average self-sufficiency rate for agricultural goods will reach 94%,” the EEC statement reads.

The Minister in charge of Industry and the Agro-industrial Complex of the EEC Sergey Sidorskiy stressed that joint forecasts help assess the scale and areas of growth in the agricultural sector, as well as its investment potential taking into consideration the market capacity, the food security situation, and economic status of the sector. “The formation of consolidated supply and demand forecast will help to identify the needs in the agricultural products as well as raw materials for national producers; assess the prospects of mutual trade with a view to substitute imports from third countries,” Mr Sidorskiy said.

The document provides the analysis of production, foreign trade and social development aspects in the development of the agro-industrial complex in the EEU countries.

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