Common Energy Markets May Add $9Bln to Eurasian Economic Union's GDP – Putin

0

“Drafts of important decisions on the creation of common markets of oil, petroleum products and gas have been prepared for today’s meeting. According to experts, the implementation of these plans will increase the GDP of our countries by $9 billion”, Putin said at a meeting of EAEU leaders in St. Petersburg.

READ MORE: How Russia’s Greater Eurasia Plan May Spell the End of EU-Centric Model

The Russian president went on saying that cooperation within the EAEU was being carried out successfully and dynamically, with the cumulative GDP going up 2 percent in the first half of 2018. Industrial production continued to grow, while intra-union trade increased 12 percent to $44 billion.

In addition, trade with external partners increased by 21 percent to $548 billion, mainly due to increased exports from the union, according to Putin.

He also recalled that at the meeting in May, an agreement to mark the union’s goods with the aim of making trade operations transparent, and ensuring consumer rights projection and equal conditions for a competition was signed.

The EAEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movement of goods, services, and people within the union.

© Sputnik / Egor Aleyev

Sputnik News

South Africa Today – World News – Russia

Related Post

Russia Sent to European Rights Court Answers About... “The Russian authorities' answers to questions about the circumstances of the detention of 24 Ukrainian citizens aboard the Ukrainian ships Berdyansk...
Putin, Merkel Discuss Kerch Strait Incident, Syria... "The leaders continued the discussion of the situation that occurred as a result of the violation of the Russian state border by the Ukrainian ships ...
Russian Ambassador to UK Wishes Happy Birthday to ... "Congratulations to Rossiya Segodnya as the news agency celebrates its 5 years’ jubilee. Despite politically motivated pressure journalists of the ag...
Putin Reveals How He Met Bears in the Wild While presenting the award winner in one of the nominations, President Putin thanked nominees, and all those who "participate in a wide and very impo...
Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.