ST.PETERSBURG, December 26. /TASS/. Creation of favorable business environment and development of potential of cooperation of the countries of the Eurasian Economic Union (EAEU) is one of the key priorities of the union, President Vladimir Putin told a meeting of the Supreme Eurasian Economic Council.

"Creation of a favorable business environment for full-fledge fulfilment of industrial and technological potential of our countries is becoming one of the key priorities of the Eurasian Economic Union," he said.

Putin said that the two years since the formation of the union resulted in creation of a common large market which functions under the agreed rules, based on the basis of WTO principles.

During this time, indicators of mutual trade had also significantly increased, the Russian president said adding that the barriers to free movement of goods, services, labor and capital are also gradually being removed.

"During the existence of the union, the number of non-tariff barriers reduced by more than 30%. This year a single market of pharmaceuticals and medical products has been created, which will help reduce the prices of socially important pharmaceutical products and to strengthen control over its quality," the President said.

He recalled that in the framework of the union the concept of the formation of common markets for gas, oil, petroleum products by 2025 has been approved and universal rules of electricity trading are being developed.

The work on establishing common financial market by 2025 continues, Putin said.

This measure involves harmonization of the rules of monetary, foreign exchange, banking operations.

Also a new draft Customs Code of the Eurasian Economic Union has been developed and prepared for signing, the President said.

The new Customs Code of the EAEU will replace the Customs Code that was adopted in 2009. The document is to lay foundations for switching to the common customs procedures within the EAEU.

It is expected to come into force on July 1, 2017.