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The Presidential Library hosted the Supreme Eurasian Economic Council meeting

6 December 2018

The Presidential Library in St. Petersburg today, December 6, 2018, hosted the Supreme Eurasian Economic Council meeting (EAEU) chaired by Vladimir Putin, which was held in narrow and expanded format.

The meeting participants in a restricted attendance summed up the work of the Eurasian Economic Union (EurAsEC) in the year of Russia's chairmanship.

Vladimir Putin noted: “Cooperation within the framework of the Eurasian Economic Union is progressing quite successfully and very dynamically, contributing to a more complete disclosure of the economic potential of our states. In the first half of 2018, the total GDP of the countries of the Union increased by 2%. The growth of production in industry continued: in the whole EurAsEC (Eurasian Economic Union) - plus 3.3%, in agriculture - plus 2.4%. The volume of intra-trade increased by 12%, reaching 44 billion dollars. Trade with external partners increased by 21% - to 548 billion dollars, and mainly due to increasing our exports. EurAsEC has improved its position in international rankings, in particular in the conduct of affairs: according to Doing Business - 2018, according to weighted average indicators of member states, it moved to 31st place. In 2017, it was the 40th of 190 world economies. During the year, the EurAsEC’s Russian chairmanship continued to work on the entire integration agenda, including on the functioning of the common domestic market. Together with partners in the union, they focused on expanding the practice of supranational regulation”.

Within the framework of the meeting, in a restricted attendance, key areas for further deepening Eurasian integration were outlined, including such areas as trade, energy, digital economics, current and organizational issues of the organization’s activities were reviewed. The most important integration tasks include increasing the efficiency of the intra-Union market, strengthening industrial cooperation, creating a single digital space, and better coordinating monetary and financial policy.

The Supreme Eurasian Economic Council meeting, chaired by Vladimir Putin, continued in an expanded format. The EAEU leaders coordinated, in particular, the programmes for developing common oil and gas markets, and discussed prospects for cooperation in space exploration. A number of documents were signed at the end of the meeting.

Based on materials of