Nazarbayev speaks about reasons of trade turnover decline in EEU

Nazarbayev speaks about reasons of trade turnover decline in EEU

12 April 2017

President of Kazakhstan Nursultan Nazarbayev believes that the trade turnover in the Eurasian Economic Union has declined because of sanctions and fall in prices for exported goods.

"In general, I believe the establishment of the Eurasian Union was a promising idea, and I am not going to criticize it, though the trade turnover has fell. Firstly, we have Western sanctions against Russia, and secondly, we have decline of exchange prices for our export goods: oil, gas, metals, fertilizers, etc. Thus, such general decline is a natural process," Nazarbayev said an interview with Mir 24 TV channel.

At the same time, he underlined that physical volumes of trade turnover have not dropped. “Thus, when market changes and we adapt to the situation, the things will work again,” the president added.

According to Nazarbayev, members of the Union enjoy numerous benefits. “There are no customs barriers, goods can move without any obstacles, joint ventures can be created in Russia, here, in Belarus, in other countries," the president of Kazakhstan said.

Kazakh leader noted that CIS “adopted many documents and was useless”. “One states signed agreements, others ignored them. In general, members were carrying out their own policies, sometimes conflicting. It was impossible to unite them all. Then an idea to establish a narrower integration was proposed to prove that it could work and that it could be useful. For this we have created the Eurasian Union,” Nazarbayev said.

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Grinberg Ruslan Semyonovich
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