The Eurasian Reinsurance Company was established in 2023. Its main objective is to contribute to the growth of mutual investments and trade between the Eurasian Economic Union (EAEU) member states and third countries. This was announced by Maksim Ermolovich, Member of the Board – Minister in charge of Competition and Antitrust Regulation of the Eurasian Economic Commission (EEC), the executive body of the EAEU, at a press conference on Tuesday.

According to him, the Eurasian Reinsurance Company is designed to increase the insurance potential of EAEU state agencies and ensure the promotion of EAEU goods in the markets of third countries—and in cooperation with national export support institutions.

“It is designed also to improve mutual trade,” the minister added.

Among the non-financial measures for export development within the EAEU, Ermolovich mentioned joint image events, protection of the interests of the EAEU in the markets of third countries, and the international positioning of the EAEU as a large market for goods, work, and services, and one of the largest centers for industrial production.

“We should not forget about supporting cooperation projects, which are now actively developing in the Union and are supported by the EEC. For export, it is necessary to manufacture competitive high-tech products. In particular, it is about import substitution projects and the creation of new products. And we are currently actively working on this,” the minister concluded.

To note, Armenia also is a member in the Eurasian Economic Union.