ASTANA, May 29. /TASS/. Deepening Eurasian integration, particularly in the current environment, delivers tangible benefits to each member state of the Eurasian Economic Union (EAEU), Russian President Vladimir Putin said at an extended meeting of the Supreme Eurasian Economic Council.

He noted that the decree establishing a common agricultural seed market, set to be approved on Friday, will mark an important step toward strengthening food security across EAEU countries, adding that measures are being taken to further harmonize the customs legislation of member states.

TASS has compiled the Russian leader’s key statements.

EAEU development

The EAEU is operating effectively overall and continues to expand and evolve: "The assessments expressed by colleagues, both positive and critical, nevertheless clearly demonstrate that the Eurasian Economic Union is functioning successfully overall and continues to develop further."

The EAEU is open to "mutually beneficial and equal cooperation" with partners that take a constructive approach, while the circle of preferential partners continues to grow steadily year by year.

The EAEU and its integration efforts are drawing significant international attention: "Many foreign countries and major regional organizations, such as the Commonwealth of Independent States, the Shanghai Cooperation Organization, and the Association of Southeast Asian Nations, are expressing interest in developing ties with the five countries."

Industrial output in the EAEU rose by 1.6%, agricultural production increased by 4.6%, and construction grew by 4.2%: "Growth is also being observed across most sectors of the economy. Trade between member states reached $95 bln last year."

Mutual export and import transactions are "reliably shielded from external pressures and adverse global market trends."

Common seed market

The decree on the common market for agricultural seeds being approved on Friday represents a significant step toward ensuring food security across EAEU countries: "Through joint efforts, we strive to independently and reliably supply the domestic market with vital agricultural products of our own production. The decree on a common market for agricultural seeds being approved today will be another step forward in this direction."

The decisions being made will help scale up successful practices in key sectors such as agriculture, which has traditionally been a priority area for the EAEU.

Promising partners

Negotiations on trade liberalization between the EAEU and India have gained momentum: "Last year trade agreements were concluded with Mongolia and the United Arab Emirates, as well as with Indonesia, intensifying negotiations on trade liberalization with India."

Russia supports draft decisions to launch work on trade liberalization agreements with new and promising partners: "We must and will carefully analyze all aspects of this forward movement," he concluded.

Benefits of partnership

Moscow considers the deepening of partnerships with all EAEU member states a top priority: "I would like to emphasize that deepening allied ties with all EAEU states is an absolute priority for Russia. We intend to continue to do everything possible to promote integration processes throughout the Eurasian region."

Closer Eurasian integration provides tangible advantages to every EAEU member state: "I would like to particularly emphasize, given the specifics of the current situation, that close Eurasian integration brings real benefits to each of the member states of our association. It contributes to increasing business revenues, improving the quality of life and well-being of the population of our countries."

Customs legislation

The Union is continuing efforts to further harmonize the customs legislation of EAEU member states, with the next decision in this area expected to be agreed upon in due course.

Thanks to the expansion of industrial cooperation, EAEU countries have built efficient value chains, advanced import substitution, and introduced cutting-edge technologies and innovations.

The preferential co-financing mechanism for promising industrial projects has attracted strong interest from the business community across the Union: "Two joint industrial projects are already being actively implemented, and funding applications for three have been approved. Another 14 are being developed by the Eurasian Commission."