Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
MINSK, June 26 (Xinhua) — In the 10 years since the formation of the Eurasian Economic Union (EAEU), it has established itself as one of the key centers of global development, Russian President Vladimir Putin said in Minsk on Thursday at the 4th Eurasian Economic Forum.
“On January 1, the Eurasian Union turned 10 years old. During this time, it has certainly grown stronger and established itself as a successful integration association. The overall economic potential has significantly strengthened, and the EAEU has rightfully established itself as one of the key centers of global development,” V. Putin noted.
He noted that the combined GDP of the EAEU member states has increased from $1.6 trillion to $2.6 trillion over 10 years. The EAEU’s trade turnover with other countries has increased by 38 percent and amounts to $800 billion. “This is a completely comparable volume of trade between the world’s leading economic powers. And the total volume of mutual trade within the union has doubled to $97 billion. Moreover, 93 percent of settlements between the EAEU states are conducted in national currencies,” the Russian leader said.
According to V. Putin, the EAEU countries have also achieved significant success in aligning national payment systems and bank cards. The union’s participants are jointly making efforts to integrate the financial infrastructure. The concept of forming a common financial market for the union has been approved. The Eurasian Development Bank and the Eurasian Fund for Stabilization and Development have been created.
The Russian President recalled that as of the beginning of this year, the Eurasian Stabilization Fund had accumulated about $9 billion, which, if necessary, could be used to support the budgets of the EAEU countries. The Eurasian Bank has accumulated investment portfolios in the amount of $16.5 billion. It has financed the construction and modernization of power facilities in Kazakhstan and Kyrgyzstan, and the creation of agricultural production in Armenia. In Russia, the Eurasian Bank allocated funds for the construction of the Western High-Speed Diameter in St. Petersburg and helped develop Pulkovo Airport. –0–