Putin highlights EAEU growth and industrial cooperation
Russian President Vladimir Putin said the Eurasian Economic Union continues to demonstrate stable economic growth and expanding regional integration, as trade turnover among member states approached $95 billion last year, reports a Qazinform News Agency correspondent.
Putin made the remarks during the meeting of the Supreme Eurasian Economic Council held in Astana under the chairmanship of Kazakh President Kassym-Jomart Tokayev.
The Russian leader recalled that exactly 12 years ago, on May 29, 2014, the founding treaty of the Eurasian Economic Union was signed in Astana.
“The consistent and painstaking joint work carried out by our states to implement this document has made it possible to create a truly effective integration association,” Putin said.
According to him, the EAEU has already largely established common markets for goods, services, capital and labor, while cooperation in trade, finance and other sectors continues to expand.
“Step-by-step, a full-fledged, comprehensive single economic space is being formed,” Putin stated, emphasizing that Eurasian integration is bringing “real benefits” to all participating countries.
The President highlighted positive macroeconomic indicators across the five member states. He noted that industrial production in the EAEU increased by 1.6%, agricultural production by 4.6%, and construction by 4.2%.
“Commodity flows between our states reached $95 billion last year,” Putin said. “The structure of trade exchange is improving due to the expansion of high-tech product supplies and the simultaneous reduction in the share of raw materials.”
Putin also stressed that nearly all settlements between EAEU countries are now conducted in national currencies, helping protect trade operations from external pressure and volatility in global markets.
The Russian leader said the union is actively eliminating trade barriers, harmonizing customs legislation and promoting industrial cooperation projects.
According to Putin, two joint industrial projects are already being implemented with EAEU support, while financing applications for three additional projects have been approved and another 14 remain under review by the Eurasian Commission.
“Loans for these purposes are issued at interest rates significantly below market levels,” he noted, adding that the mechanism has generated strong interest among business communities in member states.
Putin also expressed support for expanding similar financial mechanisms to agriculture and other strategic sectors of the EAEU economy.
Earlier, Qazinform News Agency reported that Kazakhstan President Kassym-Jomart Tokayev had pushed digital transport and smart farming in the EAEU.