Diplomat: Customs Union is creating a powerful center of economic growth

Speaking about the Eurasian Economic Union (EEU), Alexei Studnyarsky noted that the Eurasian Economic Union Treaty helps advance to a new level of integration that allows closer economic cooperation. "The three states are creating a powerful center of economic growth, a major regional market of over 170 million people, with a huge manufacturing, scientific and technological potential and immense natural resources," he noted.

The representative of the Russian Embassy drew attention to the fact that the geographical location of Russia, Belarus and Kazakhstan allows laying regional and global transport and logistics routes. He added that economy is the cornerstone of the EEU. This union pursues purely economic objectives and does not threaten the independence and political sovereignty of the member states. The Eurasian Economic Union envisages a common economic space with free movement of goods, services, capital and workforce. The member states agreed to conduct a coordinated policy in key economic sectors, like power engineering, manufacturing, agriculture and transport, BelTA reports.

Deputy head of the Eurasian integration department at the Foreign Ministry of Belarus Alexei Samosuyev noted that regional economic integration is one of the most important factors of sustainable development of any economy, in particular, in the context of globalization and toughening competition worldwide. "Within a record-short time we have passed all the logical stages of economic integration - from the CIS free trade zone to the Customs Union, the Single Economic Space and the Eurasian Economic Union," he said.

The Foreign Ministry representative added that Belarus welcomes accession of new members to integration projects if these countries fully share the goals and objectives of these projects. In this regard, work is underway with partners from Armenia and Kyrgyzstan.

The Eurasian Economic Union Treaty was signed by the presidents of Belarus, Russia and Kazakhstan in Astana on 29 May. The aggregate economies of the three states are estimated at $2.2 trillion. The total industrial output has approached $1.5 trillion. According to experts, the integration is projected to generate an additional $900 billion in aggregate GDP.