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Extra steps required to form EAEU’s single service market, says Putin

May 14, 19:19 UTC+3 SOCHI

The Russian president noted the dynamic development of EAEU as a whole

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Russia's President Vladimir Putin at an extended meeting of the Supreme Eurasian Economic Council

Russia's President Vladimir Putin at an extended meeting of the Supreme Eurasian Economic Council

© Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS

SOCHI, May 14. /TASS/. Sixty percent of the total number of services in the Eurasian Economic Union’s (EAEU) markets will be regulated under the union’s legal basis by the end of the year, Russian President Vladimir Putin stated during the summit of the Supreme Eurasian Economic Council.

"We have to implement extra steps in order to form a single service market of the Eurasian Economic Union. Last year, the union started to regulate such spheres as tourism, research activity and advertising," Putin said. "By the end of next year, 60% of the total number of services will be regulated under the union’s legal basis."

The Russian president noted the dynamic development of EAEU as a whole. According to him, in 2017, the GDP of its member countries grew by 1.8%, industrial production grew by 1.7%, and agriculture - by 2.5% The Russian leader also stated that the inflation levels in the five member states dropped by an average 3.1% In Putin’s opinion, the state of foreign and local trade also improved, with exports of goods and services to countries outside of the union growing by 24.4%, and mutual trade among the EAEU states surging 26%

Putin pointed out that technical regulation is underway. "The Eurasian Economic Commission has offered to create competent councils of department heads, and establish standardization and accreditation. A similar institution will be created in order to coordinate transport policy," Putin promised. "Its aim will be to create measures in order to develop the EAEU transport market. The Russian leader also announced the creation of the Council of Agricultural Ministers of the EAEU that would work on a common strategy in the industrial sphere and in promoting the produce on international markets.

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