Putin Praises Achievements Of Eurasian Economic Union Over Past 10 Years

Russian President Vladimir Putin on Wednesday praised the achievements of Eurasian Economic Union (EAEU) since its establishment in 2014.

"The economic indicators speak for themselves – over 10 years, the total GDP of the Eurasian Union states has increased from $1.6 to 2.5 trillion, according to available estimates. Trade turnover with third countries increased by 60% from $579 to $923 billion, and the volume of mutual trade almost doubled from $45 to $89 billion," he said, opening the summit dedicated to the EAEU's 10th anniversary in Moscow.

Putin said more than 90% of payments within the EAEU are being made in national currencies, protecting the member states from the economic sanctions by third countries.

The political importance of the EAEU has also been growing, and over the past decade the association "has established itself as one of the independent and self-sufficient centers of the emerging multipolar world," he noted.

The agreement on the establishment of the EAEU became the basis for the entire process of Eurasian integration, he said.

"One of the key tasks outlined in this agreement is the creation of a single market within the EAEU with free movement of goods, services, capital and labor. In addition, the agreement enshrines such fundamental principles as equality, mutual benefit, respect and consideration of each other's interests," the Russian president said.

Putin assessed the EAEU is "an effective and dynamic integration structure," emphasizing that its activities contribute to the growth of trade and investment exchanges, enhancing business contacts and cooperative ties, which "ultimately brings real benefits to each of the participants of our association."

"The Eurasian Union today helps ensure stable, sustainable economic development of both the five countries and the Eurasian region as a whole. In addition, the association's activities lead to an improvement in the quality of life and well-being of citizens of the EAEU member states," he said.

The EAEU was established in May 2014, and consists of five post-Soviet states in Eurasia -- Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. -