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08 May 2024, 17:48

Putin: EAEU has established itself as self-sufficient center of emerging multipolar world

MOSCOW, 8 May (BelTA) – Over ten years the Eurasian Economic Union (EAEU) has established itself as one of the self-sufficient centers of the emerging multipolar world, Russian President Vladimir Putin said at the opening of the Supreme Eurasian Economic Council summit on 8 May, BelTA has learned.

The Russian leader welcomed everyone to the summit dedicated to the 10th anniversary of the Eurasian Economic Union Treaty.

“This is the most important legal document on the basis of which the whole process of Eurasian integration is built. It sets as its key task the development of a single market with free movement of goods, services, capital and workforce. It also enshrines such fundamental principles of integration interaction as equality, mutual benefit, respect for and consideration of each other's interests. We note with satisfaction that over the past decade our association has established itself as one of the independent and self-sufficient centers of the emerging multipolar world,” Vladimir Putin said.

In his words, the EAEU is currently an effective and steadily developing integration structure, the activities of which contribute to the growth of trade and investment exchanges, intensification of business contacts, expansion of cooperation ties. This brings real benefits to each of the Union's members, as well as leads to an improvement in the quality of life and wellbeing of citizens.

“Economic figures speak for themselves. Over ten years, the aggregate GDP of the EAEU states, according to available estimates, has increased from $1.6 trillion to $2.5 trillion. Trade with third countries has soared 60% - from $579 billion to $923 billion. Mutual trade has almost doubled from $45 billion to $89 billion. More than 90% of settlements are already carried out in national currencies. The positive macroeconomic dynamics continues this year,” the Russian head of state said.

Vladimir Putin assured that Russia highly appreciates the mutually beneficial multifaceted ties with its EAEU partners and sincerely seeks further joint work on comprehensive development and strengthening of the integration association.

The president emphasized that the summit in Moscow was not just an anniversary summit, but a truly working and business summit. The agenda includes a number of newly prepared decisions of a strategic nature aimed at deepening cooperation in various areas.
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