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15 April 2021, 18:34

Strategy 2025 expected to generate 4.5% in EAEU's GDP growth annually

MOSCOW, 15 April (BelTA) – By implementing the strategic guidelines for the development of Eurasian integration until 2025, which were approved by the EAEU heads of state in December 2020, the EAEU ember states are expected to generate more than 4.5% in an additional GDP growth annually, Chairman of the Board of the Eurasian Economic Commission (EEC) Mikhail Myasnikovich said as he addressed the 22nd edition of the April International Academic Conference on Economic and Social Development hosted by the Russian HSE University, BelTA learned from the EEC press service.

"We believe that the mechanisms laid down in the Strategy 2025 will help the EAEU member states to generate the GDP growth at 3-3.3% in 2021-2022 and up to 13% by 2030 (more than 4.5% growth annually),” Mikhail Myasnikovich said. "For comparison, the IMF forecasts the global GDP to increased vt 3.8% on average, that of the EU by 2.3%, and China by 5.8%."

According to the EEC head, annual productivity in the EAEU is projected to increase by 3%, industrial production by 8%. "As a result, the share of the Eurasian Economic Union in the global GDP is expected to grow from 3.7% to 4%, the share of the EAEU in global trade - from 2.4% to 3.3%," he said.

“The adoption of the strategy marked the transition from the formative stage (2015-2019) to the stage of project integration (2020-2025),” Mikhail Myasnikovich stressed. “The essence of the new stage is to lay the groundwork (legal, administrative, financial, scientific and methodological) for specific joint economic projects between countries and individual economic entities,” he added.

The Strategy 2025 pushes the boundaries of the EAEU Treaty of 2014 and suggests a more effective approach to the development of integration in key areas, and provides for improvement of the EAEU institutional system and legal framework. The document also outlines economic cooperation in new fields: education, healthcare, tourism, and sport.

“We have seen attempts in some member states to hinder the integration process on the pretext of protecting state sovereignty. The adoption of the strategy is a response to such actions,” Mikhail Myasnikovich said. “The document communicates the political will of the heads of states of the EAEU member states to continue intensifying the integration,” he noted.

Mikhail Myasnikovich pointed out that the EEC Council has recently adopted a detailed action plan to implement the Strategy 2025. “There are plans to draw up 13 international agreements, adopt over 60 other legal regulations of the EAEU, and make around 25 amendments and additions to the EAEU Treaty,” Mikhail Myasnikovich said.

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