ST. PETERSBURG, May 19. /TASS/. The Eurasian Economic Union (EAEU) considerably reduces the negative effect from economic crisis and Western sanctions, Russian State Duma Speaker Sergey Naryshkin said on Thursday.

"Eurasian integration is developing in rather uneasy conditions. Crisis in the world economy is growing, fuel prices have sharply fallen, and there is also considerable technological lag, plus the practice of illegal Western sanctions. However, the creation of the Eurasian Economic Union significantly reduces the negative effect from such challenges," Naryshkin told the international forum "Eurasian economic prospects."

"External difficulties not only fail to stop but also stimulate Eurasian integration, boost its pace," he added. "The main advantage of EAEU is the sixth-largest market in the world of goods, services, labor and capitals that is open for member countries," he noted.

Admitting that "the situation in the economy remains difficult," Naryshkin said that he thinks that "the worst has already passed." "Our economies will soon return to real growth thanks to diversification and deepening integrational ties. Consequently, it will depend less and less from dynamics of world fuel prices," the Duma speaker concluded.

Eurasian Economic Union

The Treaty on the establishment of the Eurasian Economic Union was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana.

The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the Eurasian Economic Union for the free movement of goods, services, capital and workforce and conducting coordinated, agreed or common policies in key sectors of the economy, such as energy, industry, agriculture and transport.

The agreement stipulates the transition of Russia, Belarus and Kazakhstan to the next stage of integration after the Customs Union and the common economic space. Kyrgyzstan and Armenia also joined the EAEU.