AIFC, EEC sign Joint Action Plan

NUR-SULTAN. KAZINFORM The use of the AIFC opportunities to expand and develop cooperation between the EAEU members was discussed today, within the framework of the meeting of the Eurasian Intergovernmental Council with the participation of the Prime Ministers of the Eurasian Economic Union (EAEU), AIFC press service informs.

Governor of the Astana International Financial Center (AIFC) Kairat Kelimbetov and the Member of the Board (Minister) for Economics and Financial Policy of the Eurasian Economic Commission (EEC) Timur Zhaksylykov signed a plan of joint activities between the AIFC and the EEC for 2019-2021.

The Plan provides for cooperation measures to regulate financial markets, protect the rights and interests of consumers of financial services and investors, and develop financial technologies.

As part of the interaction on the development of financial markets, measures are planned to create regulatory «sandboxes» in the EAEU for testing and fine-tuning innovative financial products and services.

The successful implementation of the Action Plan is expected to enable the AIFC to deepen cooperation with the Eurasian Economic Commission and the EAEU member countries and to gradually establish the Center as a financial hub of Eurasia.

AIFC. The Astana International Financial Center (AIFC) was created on the initiative of the First President of the Republic of Kazakhstan, Nursultan Nazarbayev. The constitutional law on the establishment of the AIFC was signed on December 7, 2015. AIFC's goal is to form a leading centre of financial services at the international level. The AIFC aims to assist in attracting investment in the country's economy, create an attractive environment for investing in financial services, develop the securities market of the Republic of Kazakhstan and ensure its integration with international capital markets.

EEC. The permanent supranational regulatory body of the Eurasian Economic Union (EAEU) (formerly the Customs Union (CU) and the Common Economic Space (CES)). It was created by the decision of the Presidents of the Russian Federation, the Republic of Belarus and the Republic of Kazakhstan and operates on the basis of the Agreements of November 18, 2011 «On the Eurasian Economic Commission» and «On the Regulations of the Eurasian Economic Commission». launch date in February 2, 2012, it has the status of a supranational governing body subordinate to the Supreme Eurasian Economic Council (SEEC).