Meeting of the Supreme Eurasian Economic Council

A meeting of the Supreme Eurasian Economic Council was held in Astana.

The restricted-attendance meeting of the Supreme Eurasian Economic Council was attended by President of Russia Vladimir Putin, President of Belarus Alexander Lukashenko, President of Kazakhstan Kassym-Jomart Tokayev, President of Kyrgyzstan Sadyr Japarov, Deputy Prime Minister of Armenia Mher Grigoryan, and Chairman of the Board of the Eurasian Economic Commission Bakytzhan Sagintayev.

Also taking part from the Russian side were Deputy Prime Minister and member of the Council of the Eurasian Economic Commission Alexei Overchuk, and Presidential Aide Yury Ushakov.

The heads of delegations from EAEU observer states joined the expanded meeting: President of Uzbekistan Shavkat Mirziyoyev, Vice President of Cuba Salvador Valdés Mesa, Iranian Minister of Industry, Mines and Trade Mohammad Atabak, as well as CIS Secretary-General Sergei Lebedev.

Following the summit, a package of documents was signed.

Speech at the expanded meeting of the Supreme Eurasian Economic Council.

President of Russia Vladimir Putin: Friends,

As our colleagues have already noted, the fact that on this day, 12 years ago, May 29, 2014, the founding Treaty on the Eurasian Economic Union was signed is indeed quite symbolic.

Our countries have been consistent and diligent in working together to carry out the provisions of this document, which has helped us create a highly effective integration group. The assessments we have heard from our colleagues, including both positive views and criticism, demonstrate that the Eurasian Economic Union has been generally successful in its efforts and continues to develop. The common markets of goods, services, capital and labour have been created, by and large. We have been expanding our multifaceted cooperation in trade, finance and other domains. This is how we are building a single, effective and inclusive economic space.

I would like to place a special emphasis on the fact that in the current environment, close-knit Eurasian integration has managed to offer tangible benefits to all participating countries, helping businesses generate higher revenue, while also improving the quality of life and wellbeing for the people of our countries.

The key macroeconomic indicators of the five member states have been following a sustained positive trajectory, which speaks for itself. The aggregate industrial output for the Eurasian Union has increased by 1.6 percent, agricultural production was up by 4.6 percent, and there was a 4.2 percent increase in construction. We have been witnessing growth across almost all sectors of the economy.

Last year, trade between our countries reached $95 billion, and its structure is improving with more shipments of high-technology products. Meanwhile, the share of raw materials has been declining in our trade.

We have been consistent in removing trade barriers within the EAEU, and harmonising non-tariff regulations. Our countries are carrying out almost all their settlements in national currencies. Therefore, we have reliably shielded our mutual export and import operations from external influence and negative global market trends.

The participating countries have been taking measures to further harmonise their customs laws. We are about to approve yet another decision on this topic.

Our countries have developed effective value-added chains by expanding their cooperation in manufacturing, while also promoting import substitution, introducing advanced technology and innovation.

The EAEU has launched a mechanism for the concessionary co-financing of promising industrial projects. Loans for these purposes are extended at interest rates considerably below market levels. It is only natural that such a subsidised lending scheme has attracted keen interest from the business communities of our countries. To date, two joint industrial projects have already been actively implemented, financing applications for three have been approved, and a further fourteen are under review by the Eurasian Commission.

The decisions we adopt today will enable us to extend this positive experience to other key areas, including agriculture. This is particularly significant given that food security issues have traditionally received considerable attention within the Eurasian Union. Through our joint efforts, we aim to ensure the independent and uninterrupted supply of essential categories of domestically produced agricultural goods to the domestic market. Another step forward in this direction will be the instruction to be adopted today regarding the common market for agricultural plant seeds.

The Russian side fully endorses the other integration decisions submitted for consideration by the Supreme Council, pertaining to cooperation in the electric power industry, the services sector, and a number of other industries.

Colleagues, we have repeatedly noted that the Eurasian Economic Union and our integration efforts attract considerable attention abroad. This point was likewise underscored during today’s proceedings. Many foreign states and major regional structures, such as the Commonwealth of Independent States, the Shanghai Cooperation Organisation, and the Association of Southeast Asian Nations, have expressed interest in developing ties with our five member states.

For its part, the EAEU remains steadfastly open to mutually beneficial and equitable cooperation with constructive countries and international associations, and the circle of preferential partners of our five member states continues to expand. Last year, trade agreements were concluded with Mongolia, the United Arab Emirates, and Indonesia. Negotiations on trade liberalisation with India have intensified. We fully support the draft decisions to commence negotiations on free trade agreements with new prospective partners. Naturally, we will carefully analyse all aspects of this process.

In conclusion, I would like to express my sincere gratitude to President Kassym-Jomart Tokayev and our colleagues from Kazakhstan for their efforts during Kazakhstan’s chairmanship of the Eurasian Economic Union and for the organisation of today’s meeting.

I would like to emphasise that deepening allied ties with all EAEU member states is a paramount priority for Russia, and we intend to continue contributing in every way possible to the development of integration processes throughout the entire Eurasian space.

Thank you for your attention.

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