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Putin: EAEU common market works as safety cushion for member-states

The volume of mutual trade between EAEU countries increased 38% in January 2017 year-on-year, Putin noted

BISHKEK, April 14. /TASS/. Russian President Vladimir Putin positively estimated the cooperation of the Eurasian Economic Union (EAEU) member-states at the meeting of the Supreme Eurasian Economic Council in Bishkek on Friday.

"I should note that the cooperation within the EAEU is successfully developing as together we’ve achieved certain results in the formation and strengthening of the large common market with general rules for economic operators," Putin said, adding that the EAEU common market has worked as a safety cushion despite the costs related to the global unfavorable environment. According to Russian president, the economies of the EAEU member-states have managed to adjust to new realities. Thus, the volume of mutual trade between EAEU countries increased 38% in January 2017 year-on-year, whereas supplies to third countries increased 37%, he said. "What I think is most important is that the structure of export-import operations has substantially improved, and the share of commodities in 2016 trade dropped while the share of cars, transport vehicles, as well as food and agriculture producers rose," Putin added.

According to Russian president, last year saw an almost 4% increase in the agriculture sectors of the EAEU member-states, and growth was also reported in the industrial sectors. "We expect those sectors to show positive results this year as well," Putin said, adding that the EAEU partners are increasingly tapping the Russian market, which is beneficial for all parties.

"One of the key tasks is to consistently lift barriers hindering the free float of goods, workforce, services and capital," he said, adding that the EAEU countries still face this challenge, though it has been decided that "they will be gradually lifted in accordance with the Agreement on the Union until 2025."