Putin: Eurasian Economic Union is “safety cushion” against “adverse external environment”


April 17, 2017 – Fort Russ News – 

RIA Novosti – translated by J. Arnoldski –

Integration in the Eurasian Economic Union has become a safety cushion for participating states, has helped neutralize the effects of adverse external conditions, and has witnessed a growth in mutual trade within the union and in deliveries to third countries, Russian President Vladimir Putin proclaimed on April 14th at a meeting of the Supreme Eurasian Economic Union. 

“Our integration institutions have worked like a safety cushion and to a certain extent offset the impact of the adverse external environment, and national economies have been able to adapt to new realities,” Putin said. 

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“Cooperation in the Eurasian Economic Union is progressing successfully,” Putin stated, “Together we have achieved results in forming and strengthening the capacity of the common market with universal rules for economic operators. It can be said with full confidence that our common market has worked as a kind of safety cushion despite the certain costs associated with the external environment which has taken an unfavorable turn.”

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According to the Russian President, in January of this year in comparison with January of last year, the volume of mutual trade within the union grew by 38% and deliveries from member-states to third countries increased by 37%. Putin commented: “This is significant improvement, and I note this as probably the most important point, the structure of export-import operations. The relative share of raw materials in trade fell in 2016 while the share of machinery, vehicles, and equipment, food, and agricultural products increased.” 

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