Russian President Vladimir Putin announced that the economic size of the Eurasian Economic Union countries has risen over the past ten years from $1.6 trillion to $2.5 trillion.
During a meeting held in Moscow today with leaders of the Eurasian Union (Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan), Putin stated, "The economic indicators speak for themselves as the GDP of the union countries has increased in 10 years from $1.6 trillion to $2.5 trillion."
Putin added that the union helps ensure stable economic development for the entire Eurasian region and brings real benefits to each member state. He also noted that trade volume between the Eurasian Union and other countries has increased by 60%, from $579 billion to $923 billion.
The Russian president emphasized that 90% of payments within the union are made in national currencies, stressing that the union has proven itself to be an integrated, dynamic, and self-sufficient entity.
Today, the Supreme Economic Council meeting of the Eurasian Union commenced in Moscow, attended by heads of states and governments from the five member countries, including Russia. This meeting coincides with the tenth anniversary of the signing of the foundational treaty of the Eurasian Economic Union. Armenia currently holds the presidency of the union this year, but it was decided to hold the summit in Moscow.
The Eurasian Economic Union includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Cuba, Moldova, and Uzbekistan have observer status in the union. The agreements of the union guarantee all members the freedom of movement of goods, services, capital, and labor, and the adoption of a unified policy in the sectors of trade, energy, industry, agriculture, and transport.
