The priorities of cooperation between the countries of the Eurasian Economic Council have been identified, which, among other things, will ensure the macroeconomic stability of the participating countries.
Contrary to the opinion that the EAEU does not actually function in the regime stated in the agreements, the participants show significant economic results. This was discussed at a meeting of the Eurasian Intergovernmental Council in Almaty, which was held on January 31 in an expanded format. It was attended by the heads of government of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Representatives of Iran, Cuba and Uzbekistan were present as observers, and Azerbaijan was an invited state.
Significant economic results have been achieved during the decade of the Union’s existence. In January — November 2024, industrial production in the EAEU countries increased by 4.3%, construction work increased by 3%, and retail trade increased by more than 7.5%. Today, special attention is being paid to expanding the network of free trade agreements.
The Council discussed the expansion of financial support mechanisms for joint cooperative projects to the agro-industrial complex and its infrastructure during the meeting.
A number of important documents related to e-commerce, the macroeconomic stability of the EAEU countries and the cross-border admission of securities to organized auctions were also signed there. Stock exchanges in the EAEU countries will have to host securities of their own and the other four countries of the Union on equal terms. Financial regulators of the Union countries will have to provide technical assistance to exchanges if necessary. The agreement will enter into force after its ratification in the parliaments of all five EAEU countries. This agreement is part of the concept of the EAEU common exchange market and should be operational in 2030.
The priorities for the coming years will be cooperation in innovative development and seed production, creation of regional value chains, financing of joint food production projects, development of trade and logistics infrastructure. A number of tasks dedicated to development of the breeding and seed production of agricultural plants, animal husbandry, processing of agricultural products, and improving the infrastructure of the agro-industrial complex will be solved.
The EAEU countries are interested in their own technologies, efficient supply chains of products and resource provision.
A preferential financing mechanism, which is designed for 5 years, is in place for enterprises established on the principle of industrial cooperation today. 3.5 billion rubles are provided in the budget of the Union for these purposes in 2025.
According to the data contained in the report on the macroeconomic situation in the states of the Eurasian Economic Union, the EAEU’s total GDP grew by 4% in 2024, which is higher than the global average growth rate (3.2%) and initial forecasts. The value of mutual trade in goods continued to grow at a higher rate in 2024 compared to foreign and mutual trade in other integration associations and will reach almost 100 billion US dollars by 2026.
