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Putin: New measures will add up to $9bn to Eurasian Economic Union GDP

Politics 06.12.2018 | 14:51
Vladimir Putin. An archive photo
Vladimir Putin. An archive photo

ST PETERSBURG, 6 December (BelTA) - The draft resolutions prepared for the Supreme Eurasian Economic Council meeting in St Petersburg can add about $9 billion to the GDP of the Eurasian Economic Union (EAEU) member states, Russian President Vladimir Putin said at the summit on 6 December, BelTA has learned.

“Important documents have been drafted. They apply to the formation of common markets of oil, oil products and gas. According to experts, when implemented these plans will add up to $9 billion to our countries' GDP,” said the Russian president.

In general, the summit will take stock of the joint activities to promote economic integration this year and examine the plans for the future. “Cooperation within the framework of the Eurasian Economic Union is advancing quite successfully and quite rapidly helping the member states to unlock their economic potential,” the Russian leader said.

According to him, the combined GDP of the EAEU countries rose by 2% in H1 2018. The industrial growth in the EAEU was 3.3%. Agriculture posted a 2.4% increase. The trade within the EAEU reached $44 billion, which was up by 12%. The trade with external partners surged by 21% to $548 billion, mostly through increased exports of the EAEU member states. The union has improved its positions in international rankings.

The Russian president spoke about the efforts taken under the Russian presidency in the EAEU in 2018 to expand the practice of supranational regulation, improve technical regulation and product quality control systems. Unified technical standards have already been developed for 85% of goods produced in the EAEU.

The regulatory and institutional framework has been developed to launch a common digital space of the Eurasian Economic Union. The EAEU budget for 2019 envisages funds for large digital projects.

Promising is the cooperation in the provision of space services, including the development of a joint grouping of orbiters and promotion of geoinformation services to third-country markets, the Russian leader said.

Russia also suggests exploring the possibility of creating common payment infrastructure using up-to-date financial technologies in the EAEU. Other proposals included the facilitation of movement of citizens, promoting closer cooperation in healthcare, education, sport, tourism and culture, and bolstering interregional ties.

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