Putin: EAEU is developing steadily; a voluminous common market has  been created, which is successfully functioning

ArmInfo.The Eurasian Economic Union is developing steadily; a voluminous common market has been created, which is successfully functioning. Russian President  Vladimir Putin said this on October 1 in Yerevan at a meeting of the  Supreme Eurasian Economic Council in an expanded format.

During his speech, the Russian leader emphasized that he agreed with  positive assessments of the work of the Eurasian Economic Union. "The  integration processes within the Eurasian Union have the most  favorable effect on the growth of the economies of the participating  countries, contribute to improving the living standards of our  citizens. I note that the aggregate GDP of the EAEU states continues  to increase, industrial and agricultural production is increasing. At  the same time, our association is facing new large- scale tasks. In  this case, in our opinion, special attention should be paid to  systematic work to remove barriers to trade in goods and services,  and in various sectors of the market, "the Russian leader said,  adding that the adoption of all-Union regulation in the financial  sphere is among the priorities, as well the concept of forming a  common financial market of the union. According to Putin, this  document will become a "road map" for the development and approval of  universal rules for the provision of banking and insurance services,  operations with securities. The head of Russia stated that the  implementation of the measures provided by the road map will simplify  the access of citizens of our countries to financial instruments and  make this market segment unified and transparent.

"The process of improving union legislation in the energy sector is  also proceeding at a good pace. We expect that agreements will soon  come into force to form a single EAEU electricity market. A common  electricity space should be formed simultaneously with the creation  of union markets for gas, oil and oil products in 2025 First of all,  it is necessary to complete the process of unification of the laws of  the member states in the field of gas supply and transportation. Of  course, the cooperation of the Union states in the digital economy  should be further enhanced. In particular, the common interest is the  early launch of the standardized job search system <Work without  Borders>. The implementation of this project will allow citizens of  our countries to learn on the Internet about free jobs in all states  of the union, "Putin said.

We attach great importance to the speedy implementation of the  agreement on the traceability of goods imported into the customs  territory of the EAEU, the Russian leader continued, noting that the  Eurasian Economic Commission, according to today's decision, will  receive corresponding additional powers.

He also pointed out the importance of ensuring transparency in the  circulation of products in the Union market. "Therefore, it is  necessary to establish a full exchange of legally significant  electronic accompanying goods documents, as well as more vigorously  introduce electronic labeling of goods. By the way, a pilot project  on labeling a number of goods confirmed the effectiveness of this  measure in the fight against counterfeit products, increased tax  revenues," the Russian president said.

Putin, pointing out the importance of continuing to work to  strengthen the EAEU's mutually beneficial economic cooperation with  interested foreign partners, welcomed the participation in the  meeting of Moldovan President Igor Dodon, Iranian President Hassan  Rouhani, and Singaporean Prime Minister Lee Hsien Loong. "I emphasize  that the agreement on a free trade zone with Singapore, signed today  in the presence of Mr. Lee Hsien Loong will create favorable  conditions for increasing countertop export-import operations and  deepening cooperation in various fields. More recently, I had the  pleasure of being at the invitation of the government in Singapore I  must say and confirm that, of course, Singapore is a reliable, stable  partner with a fast-growing economy and good administrative  regulation. We also expect that at the end of October an interim  agreement will come into force, leading to the formation of a free  trade zone between the Eurasian Economic Community and Iran. Its  implementation will lead to a significant reduction in import  tariffs, the abolition of other restrictions that impede the movement  of goods flows. All this will undoubtedly contribute to the growth of  mutual trade and investment, "Putin said, noting that in general, the  geography of the Union's contacts is constantly expanding.

The Russian leader informed that the association is conducting  substantive negotiations on cooperation with 13 countries and more  than 20 international structures and organizations. "This is both  Serbia and Israel, Egypt. Soon, similar negotiations will begin on a  free trade zone with India with its colossal, huge market. A  fast-growing economy, today it is the world's number one pace. In  conjunction with the Russia- Africa summit (I want to inform you  about this, dear colleagues, the Russia-Africa summit will be held  for the first time on October 23-24) The Eurasian Economic Commission  intends to sign a memorandum of understanding with the African Union  Commission aimed at developing multilateral cooperation <five > with  countries of the African continent. The EAEU has long and fruitfully  expanded cooperation with the dynamic economies of the Asia-Pacific  region. It is necessary to further establish close ties between the  Eurasian Union and the Shanghai Cooperation Organization and ASEAN,  work in favor of a large Eurasian partnership, "the Russian leader  noted, pointing out also on a special role in this context, the trade  and economic relations of the Eurasian Economic Union with China,  which today marks a big holiday, the 70th anniversary of the founding  of the Chinese native republic.

In this context, Putin congratulated Chinese friends on this  occasion. "We are convinced that the early entry into force of a  cooperation agreement with the PRC will be a step towards linking  integration processes within the EAEU with the Chinese One Belt One  Road  initiative, "Putin concluded, thanking Armenia for organizing  the event.