The proportion of transit cargo that is transported by rail from China to the European Union on transit through the Common Economic Area (Belarus, Kazakhstan, and Russia) will increase 10-fold after Belarus, Kazakhstan, and Russia establish an integrated transport and logistics company. The Eurasian Economic Commission’s Minister of Energy and Infrastructure Danial Akhmetov made such an assessment in address at TransEurasia 2014, the IX international conference on transport and transit potential, Maritime News reports.

According to him, realization of this transit potential will open up possibilities for creation of more efficient supply chains.

"As a result, the share of transit by rail from China to the EU through the Common Economic Area will increase more than 10-fold to total more than 7%," said Akhmetov. Figures in terms of tons, pieces, or TEU were not provided.

Akhmetov also said that revenues from the use of infrastructure would amount to more than USD 1.5 billion and that 43,000 new jobs would be created.

The creation of an integrated transport and logistics company by member countries of the Common Economic Area is the largest integration project in the Common Economic Area. The declared aim of the project is to facilitate integration of transport processes within the Common Economic Area, as well as to improve the international competitiveness of the participating countries. The company is expected to begin operation this year.