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MIL OSI Translation. Region: Russian Federation –

Source: Ministry of Economic Development (Russia) – An important disclaimer is at the bottom of this article.

The Eurasian Economic Union has proved its effectiveness in practice, having passed the tests of coronavirus restrictions and massive economic pressure on the economies of Russia and Belarus.

This was stated by Deputy Minister of Economic Development of Russia Dmitry Volvach, commenting on the words of Mikhail Mishustin during a report in the State Duma on the successful development of the Union in 2023.

According to the results of 2023, the EAEU GDP growth reached 3.8%, which is much better than the average global growth rate,” the deputy minister noted. – Moreover, the performance of the economies of Armenia, Kazakhstan and Kyrgyzstan is higher than the average for the Union – their growth ranged from 5.1% in Kazakhstan to 8.7% in Kyrgyzstan. The dynamics of the EAEU development is ahead of the European Union, which is balancing on the verge of recession, and the indicators of other CIS countries, which are not included in the EAEU. Last year, the GDP of CIS countries outside the EAEU grew by 3.2%.

According to him, the EAEU is actively working to support cooperative industries and projects. Starting this year, a mechanism for their co-financing from the Union’s budget will be launched.

“We focus on supporting multilateral cooperation, which involves enterprises from different countries of the Union. This year we have set aside 1.8 billion rubles in the Union’s budget for these purposes,” concluded Dmitry Volvach.

At the moment, the countries of the Union have already started to implement the “Eurasian Economic Way” – the Declaration on further development of economic processes in the territory of the Eurasian Economic Union until 2030 and 2045, approved by the heads of state in December last year on the initiative of Russian President Vladimir Putin in the year of Russia’s presidency in the EAEU.

Please note; This information is raw content directly from the source of the information. It is accurate to what the source states and does not reflect the position of MIL-OSI or its customers.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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