OREANDA-NEWS The heads of government of the Eurasian Economic Union (EAEU) countries have approved the concept of forming a common commodity exchange market, Russian Deputy Prime Minister Alexei Overchuk said after a meeting of the Eurasian intergovernmental Council.

Answering the question of whether such goods as oil and petroleum products were included in the concept, he said: "During the Council of the Eurasian Economic Commission, we discussed this issue in sufficient detail and decided that the regulation of petroleum products should be regulated within the framework of other documents."

Earlier, the Minister of Competition and Antimonopoly Regulation of the EEC Maxim Ermolovich noted that the concept of the EAEU exchange market "should cover almost the entire commodity nomenclature of the exchange market."

The formation of a common commodity exchange market of the union is provided for by the EAEU development strategy until 2025, work on its creation has been underway since 2021.

In 2022, the EEC reported that at the first stage, goods such as coal, mineral fertilizers, vegetable oil, sugar, meal, cake, timber, metal, building materials, cement and gold can be traded within the framework of the general exchange market. "At the second stage, after agreeing on the rules of exchange trading, as well as the lifting of restrictive measures or bans on exports and imports within the framework of mutual trade, goods such as electricity, gas, oil, petroleum products and grain can be added to the list," the EEC reported at the stage of preparing the concept.