Senators of the Parliament ratified amendments to the EAEU Treaty during a plenary session on May 16, allowing for financial support in the implementation of joint cooperation projects in the industrial sectors by member states of the Union.
This provision is enshrined in the law of the Republic of Kazakhstan "On the Ratification of the Protocol on Amendments to the Eurasian Economic Union Treaty of May 29, 2014, regarding the provision of financial assistance in the implementation of joint cooperation projects in the industrial sectors by member states of the Eurasian Economic Union."
The ratification of the protocol will establish a legal basis for financing joint cooperation projects in the industrial sectors of the member states of the Eurasian Economic Union.
"The protocol provides for amendments and additions regarding support for the implementation of joint cooperation projects in the industrial sectors, the list of which is determined by the Intergovernmental Council. In accordance with the Protocol, the EAEU Commission Council may decide to provide financial assistance from the Union's budget. The funding source will be 10% of the total revenues to the budgets of the member states of the Eurasian Economic Union from special, anti-dumping, and compensatory duties in the financial year preceding the Union's budget approval. The maximum subsidy amount for one project will be 1.8 billion tenge per year, totaling 9.4 billion tenge over 5 years," stated Senator Shakarym Bukutugutov.
The Protocol on Industrial Cooperation (Appendix No. 27 to the EAEU Treaty) has also been supplemented with provisions regulating the amount of funds provided in the Union's budget, the percentage ratio, and the form of providing financial assistance in the implementation of joint cooperation projects in the industrial sectors.
According to the protocol, the procedure for selecting and implementing joint cooperation projects in the industrial sectors by member states, as well as providing financial assistance from the Union's budget, is determined in accordance with the position approved by the Intergovernmental Council.
The document is now awaiting the signature of the head of state.
Additionally, on May 16, Senators ratified an agreement between Kazakhstan and the People's Republic of China on providing legal assistance in civil and criminal matters.
