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MOSCOW, May 8. /TASS/. Russian President Vladimir Putin said on Friday he was content that the project of creating the Eurasian Economic Union (EEU) was proceeding strictly according to plan.
The Eurasian Economic Union currently comprises Russia, Belarus, Kazakhstan and Armenia while Kyrgyzstan is expected to join the trade bloc at the EEU’s summit on Friday.
"A new economic association with common rules of the movement of goods, services and labor has appeared on the world scene," Putin said, opening the EEU’s summit.
"From January 2, Armenia became its full-fledged member and a decision has been made on Kyrgyzstan’s accession in a full-scale format and I hope it will come into force after it is ratified," the Russian president said.
"It is important that all participants in the Eurasian Union have the desire for more profound integration, and closer trade and economic ties will undoubtedly contribute to further social and economic development of our countries, strengthen the competitiveness of our association and finally ensure the growth of well-being of our countries’ population," Putin said.
"Eurasian integration is proving its efficiency. Mutual trade of its participants has grown by almost $20 billion, infrastructure has improved and the share of goods with high added value has increased while the proportion of raw materials has fallen considerably, from 40% to 28%," the Russian president said.
"Common macroeconomic guidelines of economic growth were approved for the Eurasian Economic Union member states for 2015-2016 and a set of measures was mapped out for stimulating economic development and deepening cooperation in the real sector of the economy, the Russian leader said.