At one of the meetings held on December 21st in St. Petersburg, the Supreme Eurasian Economic Council – EEC approves four liberalization plans, which would cover 14 service sectors that are related to construction project management. These roadmaps go on to detail a gradual shift of general contracting as well as general design works when it comes to the framework of a single services market.
As EEC approves four liberalization plans, it also explained that post execution of the roadmaps, the rules of the single services market are going to apply when it comes to construction of industrial, commercial, and agricultural as well as residential facilities, along with the building and erection of highways, infrastructure, railways, and energy and production facilities. This will help construction companies from the EAEU member states to go ahead and operate all across the entire EAEU territory sans the requirement to establish additional legal entities, with recognition of permits as well as qualification documents that are obtained in their country of registration.
So far, over 140 sectors have already been integrated into a single market regime, which includes areas such as specialized design, agriculture, engineering, and trade, as well as tourism services. Simultaneously, efforts are also at present underway in order to expand the list of services that are covered by the single market in order to include 117 priority fields like consulting, rental, and repair services, along with veterinary care, etc.
One of the members of the Board -Minister for Economy and Financial Policy of the EEC, Bakhyt Sultanov said that the decision made is indeed quite a significant step towards deepening the integration in one of the major sectors for their economies, which is construction. This not only looks to simplify the business operations in the future but also aims to foster conditions that encourage massive business activity. Harmonizing the regulatory approaches within the construction sector is going to help reduce costs and thereafter optimize the project expenses. Sultanov added that due to this, the construction industry is indeed gaining quite a fresh momentum when it comes to development throughout the overall Eurasian region.