ST. PETERSBURG, December 25. /TASS/. The Eurasian Economic Union (EAEU) is successful as a reputable international association with a good base and effective structure, Russian President Vladimir Putin said.

"The Eurasian [Economic] Union has forged its place as a reputable international integration association with an effective structure and a good base," the Russian leader said at a meeting of the Supreme Eurasian Economic Council.

Putin also underlined that contacts within the union are continuing to develop actively and successfully in all key areas of integration development, even despite the well-known difficulties associated with the difficult international external situation. Thus, industrial production in the EAEU expanded by 3.5%, while the construction industry increased by 9.3%, according to him.

Meanwhile, cooperation within the EAEU is progressing successfully, revealing the economic potential of the association’s countries, Putin said.

Putin added also highlighted EAEU and Egypt negotiating a preferential agreement. According to him, this document is nearing completion, and negotiations with other countries are underway. "At the moment, important agreements are being negotiated with countries with significant economic potential. We are discussing a preferential agreement between the EAEU and Egypt, one of our main partners in the Arab world and on the African continent, with which the Eurasian Union countries have strong relations and extensive trade," Putin said.

He noted that Russia's GDP is expected to grow by 3.5% by the end of 2023 and this figure is expected to grow in other countries of the EAEU as well. "This year, all member countries of the association (EAEU - TASS) are reporting stable economic growth. So, in Russia, in the first three quarters [of 2023], GDP rose by 3%, and by the end of the year it is expected to be 3.5%," Putin said.