27.05.2022 (Обновлено: 21.06.2022 11:15)

EAEU international activities contribute to growth of foreign trade

At the Supreme Eurasian Economic Council’s meeting held on May 27, the Eurasian Economic Commission presented to the Heads of State a report on implementing the Main Directions of the EAEU's International Activities for 2021.

According to the document, the year 2021 has become significant in terms of developing current areas of the Union’s international activities by filling them with practical content.

"The geography and quality of the Union's cooperation with international organizations continued to gradually expand, and the dialogue was filled with practical content. Such dialogue with most of them was built on a systematic and regular basis involving all the Commission’s Units. Such cooperation enables the Commission to gain first-hand best practices in regulating various economic realms as well as to further the Union’s interests on the international stage", the report says.

Formalizing the interaction between the Commission and the SCO, as well as steady development of cooperation with the ASEAN enabled forming, in fact, a new integration contour of the EAEU - SCO - ASEAN. The track of interaction between the EAEU and the CIS has taken on a new dimension - the Commission’s work on laying out approaches to couple the Union’s law and the CIS regulatory framework has come to the fore, including in terms of eliminating contradictions between draft regulatory legal acts being elaborated within the EAEU and the CIS.

In 2021, the volume of EAEU foreign trade with third countries increased by 35.1% and reached 844.2 bln US dollars, including exports increased by 44.1% up to 525.7 bln US dollars, and imports increased by 22.6% up to 318.5 bln dollars.

The number of new Union’s partners has increased. As of December 31, 2021, the Commission concluded 26 Memoranda of Cooperation or Mutual Understanding with governments, ministries and public agencies of third countries, 12 Memoranda with regional integration and interstate associations and 44 Memoranda with international organizations. The EAEU and its Member States signed six trade agreements with third countries.

The GDP of third countries and regional associations the EAEU has formalized relations with amounts to 40.4 trn US dollars (31.6% of the global GDP). The population of these countries amounts to 3.9 bln people (51% of the world's population).