MOSCOW, May 8. /TASS/. The Eurasian Economic Union (EAEU) has shown resilience in the face of new challenges, such as Western sanctions, Russian President Vladimir Putin said opening a meeting of the Supreme Eurasian Economic Council.

"The Eurasian Union has proved its effectiveness in the face of new challenges, including those related to the sanctions policy pursued by certain countries and the dismantling of numerous basic foundations of international trade," the president said.

According to the president, the EAEU institutions and mechanisms are constantly fine-tuned, which makes it possible to adapt to changes and develop dynamically despite the crisis phenomena in the global economy. Putin added that it was possible to achieve tangible results in creating a favorable investment climate within the EAEU space.

"The joint decisions on the protection of capital investments, the support for business and the guarantees for entrepreneurs’ rights have facilitated this. Much has been done and is being done to promote industrial cooperation, import substitution, and consolidation of the technological sovereignty of the union’s member states. In particular, last year, at the initiative of Russia’s chairmanship, the mechanism of budget funding of science-intensive projects implemented by enterprises from the EAEU countries was launched," the Russian president stressed.

Putin said that "thanks to the elimination of numerous trade and administrative barriers, a high degree of freedom of movement of goods has been achieved." He stated that the EAEU countries had adopted unified technical, sanitary, veterinary and phytosanitary norms and standards.

"Our meeting today is dedicated to the 10th anniversary of the signing of the Treaty on the Eurasian Economic Union. This is, indeed, a fundamental document as guided by it, the member states have joined efforts to do ambitious work in order to deepen Eurasian integration, build a common market and shape a unique supranational system of economic regulation," he said.