EAEU is effective, benefits all member states - Putin

MOSCOW. May 8 (Interfax) - The Eurasian Economic Union (EAEU) is an effective entity that benefits the economies of all member states, Russian President Vladimir Putin said.

"The Eurasian Union today is an effective and dynamic integration entity which is boosting trade and investment exchanges, intensifying business contacts, [and] expanding ties of cooperation, which eventually bring real benefits to each member of our association," he said at a meeting of the Supreme Eurasian Economic Council.

Interaction in the EAEU helps ensure the stable economic development of the member states and the entire region in general, he said.

In particular, Putin said the total GDP of the EAEU member states has increased from $1.6 trillion to $2.5 trillion, trade with third countries has increased from $579 billion to $923 billion, and mutual trade has increased from $45 billion to $89 billion in the past ten years.