MINSK, 19 March (BelTA) - The EAEU countries have been growing faster than the world average for the second year in a row, Belarusian Deputy Minister of Foreign Affairs Pavel Utyupin said during the roundtable “The Future of the EAEU: Belarus at the forefront of integration processes. Chairmanship of the Republic of Belarus in the EAEU” in BelTA’s press center.
“Every year the integration work in the EAEU grows more effective. The EAEU economies gained much momentum thanks to membership in the union. The figures are quite impressive, in my opinion. For the second year in a row, the EAEU member states have been growing above the global average. According to the EEC preliminary estimates, the aggregate GDP of the EAEU in 2024 will grow by 4%, which is above the previous year of 3.8% and the global average of 3.2%. Foreign trade directly depends on the economic processes that take place in the economies of the EAEU countries and shows their competitiveness. Mutual trade between the EAEU member states over the past 10 years has demonstrated extremely positive dynamics: since 2015 intra-union trade has doubled. By the end of 2024, its volume will approach $100 billion. The share of mutual trade in the EAEU foreign trade amounted to almost 20%, which is the highest figure since the union's establishment," Pavel Utyupin said.
Thanks to the absence of customs duties and to the unified requirements for product sales across the Eurasian space, Belarus has the opportunity not only to maintain its strong position in the EAEU internal market but also to continually strengthen it. In 2024, Belarusian exports to EAEU countries increased by almost 5%.
"The development of cooperative ties between the production complexes of member states is reaching a brand new level. The mutual trade in cooperative goods stands at $30 billion. This is a significant amount. The practical implementation of the decision to support joint industrial projects funded from the EAEU budget will further cooperation. The parties have begun discussing the possibility of extending such support to agro-industrial projects, which will create additional conditions to develop agriculture and enhance the level of food security in the EAEU," the deputy minister noted.
“Every year the integration work in the EAEU grows more effective. The EAEU economies gained much momentum thanks to membership in the union. The figures are quite impressive, in my opinion. For the second year in a row, the EAEU member states have been growing above the global average. According to the EEC preliminary estimates, the aggregate GDP of the EAEU in 2024 will grow by 4%, which is above the previous year of 3.8% and the global average of 3.2%. Foreign trade directly depends on the economic processes that take place in the economies of the EAEU countries and shows their competitiveness. Mutual trade between the EAEU member states over the past 10 years has demonstrated extremely positive dynamics: since 2015 intra-union trade has doubled. By the end of 2024, its volume will approach $100 billion. The share of mutual trade in the EAEU foreign trade amounted to almost 20%, which is the highest figure since the union's establishment," Pavel Utyupin said.
Thanks to the absence of customs duties and to the unified requirements for product sales across the Eurasian space, Belarus has the opportunity not only to maintain its strong position in the EAEU internal market but also to continually strengthen it. In 2024, Belarusian exports to EAEU countries increased by almost 5%.
"The development of cooperative ties between the production complexes of member states is reaching a brand new level. The mutual trade in cooperative goods stands at $30 billion. This is a significant amount. The practical implementation of the decision to support joint industrial projects funded from the EAEU budget will further cooperation. The parties have begun discussing the possibility of extending such support to agro-industrial projects, which will create additional conditions to develop agriculture and enhance the level of food security in the EAEU," the deputy minister noted.
Follow us on:
