Kazakhstan-EAEU trade turnover hits $28.5bln

Kazakhstan-EAEU trade turnover hits $28.5bln
Photo credit: Akorda

President Kassym-Jomart Tokayev participated in the jubilee summit of the Supreme Eurasian Economic Council in Moscow, Kazinform News Agency reports citing the press service of Akorda.

Addressing the participants, the Kazakh President expressed his gratitude to the Russian side for the summit organization and warm reception. He also congratulated Vladimir Putin on the official assumtion of office of the President of the Russian Federation.

Kassym-Jomart Tokayev reminded that the historic Treaty on the Eurasian Economic Union was signed 10 years ago in Astana.

“In a relatively short period of time, our Union has transformed into an important and promising integration association in the international space. Through joint efforts, more than a thousand various regulatory documents were adopted. The rightness of the chosen vector of development of our association is proved by macroeconomic results of the decade. Kazakhstan’s trade turnover with the EAEU member countries increased 1.7 times, having reached $28.5 billion, and exports rose more than twice. Cooperation within the Eurasian Economic Union contributes to the progressive development of Kazakhstan’s economy. Last year alone, the country's GDP grew by 5.1%. We view it as a good result,” said the President of Kazakhstan.

As Kassym-Jomart Tokayev pointed out, a high level of integration interaction is reinforced with a joint implementation of major infrastructure projects, development of industrial cooperation and formation of a common service market.

"To ensure further sustainable development amid geopolitical uncertainty, the EAEU should become more flexible and efficient," said the Kazakh President.

He reminded that as per the World Bank estimates, global GDP growth rates in the first half of the current decade may be the lowest in the last 30 years.

“If the international community does not take an effective decision, this period may go down in history as a “decade of missed opportunities.” Undoubtedly, this is a big challenge for the Eurasian Economic Union, which has been an integral part of the global economy. We have to mobilize all reserves and solve the tasks set during the establishment of the Union. The point at issue is the implementation of the fundamental principle of the Union - freedom of movement of goods. We need to create a truly unified and systematically functioning barrier-free internal market. It is important to fully eliminate the practice of application of hidden restrictions, “point solutions” and any manual control. I believe that this should become an absolute priority for the activity of the Eurasian Economic Commission,” the Head of State emphasized.

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