Putin: EEU common market is a safety cushion for Union members

Putin: EEU common market is a safety cushion for Union members

15 April 2017

Russian President Vladimir Putin welcomed the cooperation within the Eurasian Economic Union member-states at the meeting of the Supreme Eurasian Economic Council in Bishkek on Friday, TASS reports.

"I should note that the cooperation within the EEU is successfully developing. Together we’ve achieved certain results in the formation and strengthening of the large common market with general rules for economic operators," Putin said. 

According to the Russian leader, the EEU common market has worked as a safety cushion despite the losses related to the global unfavorable environment. Putin added that the economies of the Union member-states have managed to adjust to new realities. Thus, the volume of mutual trade within EEU increased by 38% yoy in January 2017, whereas supplies to third countries increased by 37%. " I think is the most important is that the structure of export-import operations has substantially improved, and the share of commodities in 2016 trade dropped while the share of cars, transport vehicles, as well as food and agriculture producers rose," Putin noted.

The Russian president also reminded that last year output of the EEU agriculture sectors increased by almost 4% increase, and growth was also reported in the industrial sectors. "We expect those sectors to show positive results this year as well," Putin said, adding that the EEU partners gradually domesticate Russian market, which is beneficial for all parties.

According to Putin, the Union market has contributed to the development of automobile manufacturing sector in Kazakhstan, to the recovery of textile and garment manufacturing in Kyrgyzstan and to the increase of agricultural export from Armenia to Russia. Cooperation between Belarus and Russia develops, Putin added. “Mutual dependence of some large enterprises makes 40% and more. Many Belarusian goods are considered as products of domestic production and enjoy the same benefits in government procurement,” he said. 

The president has also urged to focus on further improvement of macroeconomic situation and investments of the EEU members. "One of the key tasks is to gradually lift barriers of free movement of goods, workforce, services and capital," he said, adding that the EEU countries still face this challenge, though it has been decided that "they will be gradually lifted before 2025, in accordance with the Agreement on the Union”.

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