Experts Discussed Concept of CIS Productive Forces Development and Legislative Aspects of CIS Economic Security

Today, a regular meeting of the CIS Expert Advisory Board on Economy took place in a mixed format in the Tavricheskiy Palace – the IPA CIS headquarters.

The event brought together the MPs, the academia and experts from the Azerbaijan Republic, the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Moldova, the Russian Federation, the Republic of Tajikistan and Ukraine, as well as the representatives of the CIS Executive Committee, the CSTO Parliamentary Assembly and the Eurasian Economic Commission.

Head of the Department of General Economic Theory and History of Economic Thought of the Faculty of Economics and Finance of the St. Petersburg State University of Economics Dmitry Miropolsky spoke about the draft Concept of CIS Productive Forces Development. According to him, it was the amount of innovations at the disposal of the state that determined its economic viability in the modern world.

At the same time, his analysis of expenditures on research and development in different countries of the world demonstrated a tendency for their reduction across the Commonwealth. According to the data presented, the total research and development expenditures of the CIS Member Nations barely reaches that of Great Britain alone and it lags ten times behind this indicator in the United States.

Further, Head of the Department of Economic Security of the St. Petersburg State University of Economics Roman Dronov delivered a report on the work on the draft Recommendations for the Development of CIS Cooperation in the Field of Economic Security. He presented a scientific analysis of both the CIS legislation and the norms of international law in the field of economic security and came to the conclusion that there was no satisfactory regulatory framework in place in that field.

“Ensuring the economic security of the CIS Member Nations becomes especially relevant under force majeure circumstances (pandemic, intensification of the world’s strategic confrontations in politics and economy, etc.) with high competition in world markets, unstable geopolitical situation and rapid changes in the world economy due to digital transformation processes. At the same time, there is no legislation regulating relations in the field of ensuring economic security at the level of the Commonwealth”, stressed the expert.

According to the developers, the presented recommendations are designed to fill this gap.