Abramenko: Mutual trade in EAEU grown to 100 billion dollars in 11 years

On May 29, 2014 in Astana (Kazakhstan) the Treaty on the establishment of the Eurasian Economic Union was signed. What achievements the EAEU has had over the 11 years of its existence, and whether the union has become stronger economically. These questions were answered by Deputy Economy Minister of Belarus Alesia Abramenko in Spotlight Interview.

According to the expert, figures speak about the results of the Eurasian Economic Union. This, first of all, concerns the well-known macroeconomic indicator - GDP, which grew by 4% in 2024 in the EAEU as a whole, and became higher than the global average, where there is a growth of 3.2%.

"Mutual trade has also increased. Over the years it has doubled to 100 billion dollars. Also, a common customs space has been formed, which means that goods move freely within the union, and, accordingly, there are borders on the external circuit - this is common customs regulation and customs legislation. We have a single system of technical regulation, which means that products meet the high quality standards that are adopted within the framework of the single economic union," Alesia Abramenko said.

There is also a high level of self-sufficiency of all member states in the field of food security - in the Union as a whole this figure is more than 94%.

Financial payments and settlements in the EAEU are made in national currencies, and this percentage is also quite high - more than 90%.

As outlined by the Deputy Minister of Economy, over the past few years a mechanism for financing joint integration projects has been introduced - this is an achievement that will allow not only to create projects, but also to subsidize the interest rate on loans. Accordingly, the countries that participate in these projects (and there should be at least three such countries) will somehow be able to be supported within the framework of such projects.