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Eldar Alisherov: "Eurasian economic integration ensures a noticeable growth of key development indicators of the EAEU countries
Eldar Alisherov, EEC Minister in charge of Integration and Macroeconomics, spoke about the achievements of Eurasian economic integration over the decade of the Eurasian Economic Union's operations at the online conference EAEU: 10 Years of Functioning of the Largest Integration Association in Eurasia. The EEC Minister emphasized the measures to be taken to implement the Declaration on Further Development of Economic Processes in the EAEU until 2030 and 2045 and drew attention to building and developing optimal formats of interaction with external partners.
Eldar Alisherov noted that Eurasian economic integration has a strong stabilizing and stimulating effect on the economy, ensuring a noticeable growth of key development indicators of the Eurasian Five countries.
"The new configuration of trade, transport and logistics routes, labor migration and financial flows in the region, along with active economic policies have served as a stimulus for strong economic growth in the EAEU," said Eldar Alisherov. "According to EEC estimates, the index of GDP physical volume in the EAEU in 2024 amounted to 117.6% compared to 2014. For some Member States GDP growth was more significant, for example, in Armenia it was 1.6 times, in Kyrgyzstan 1.6 times, in Kazakhstan 1.3 times."
The EEC Minister also paid attention to the statistical indicators of mutual and foreign trade in the EAEU. Objective data show a significant increase in trade between the Member States, as well as growing foreign economic activity. "The share of mutual trade turnover in the EAEU foreign trade turnover increased to 19.8% in 2024 against 13.5% in 2015," the EEC Minister reported. "The volume of mutual trade in goods in the Union doubled since 2015 and reached almost USD $100 billion in 2024.
The head of the EEC integration and macroeconomics unit is confident that by today the EAEU has been established as an important element of the global economic architecture. "A flexible infrastructure has been created to cover the key partners and allow for a comprehensive dialogue for improving the sustainability of the Member States’ economies, solve the issues of integrating the EAEU into the global architecture of economic relations, expanding geography and export volumes, attracting foreign investment and technology," he noted.
The Commission has concluded 46 memoranda of understanding with universal and specialized international organizations, 14 with regional integration and interstate associations, as well as 30 memoranda of cooperation with the governments, ministries and agencies of third countries. In addition, there are four trade agreements between the EAEU and third countries (Vietnam, Iran, China and Serbia).
Currently, active work is underway to reach agreements on liberalization of trade regimes with the UAE, Indonesia and Mongolia. The countries of South-East Asia are highly interested in dialogue with the Union. Relations with ASEAN, as well as bilaterally with the countries of this region, are actively developing.
"Certainly, the priority is still relations with the closest partners — the CIS, SCO, BRICS, ASEAN countries. Despite the geo-economic difficulties, the number of new partners of the Union continues to increase," Eldar Alisherov emphasized.
