EAEU to have free movement of goods, services, capital and labor by 2030 - Russian PM

MOSCOW. May 31 (Interfax) - The full implementation of four common markets within the Eurasian Economic Union (EAEU) - goods, services, capital and human resources - will be possible by 2030, Russian Prime Minister Mikhail Mishustin said.

This objective is in the Eurasian Economic Path Declaration, adopted by member countries in December last year.

"By the end of the decade, the free movement of goods, services, finance and human capital will be ensured throughout the union's territory, without exceptions or restrictions," Mishustin said in an interview with the Rossiya 24 TV channel.

Mishustin said he was sure "absolutely all five member states will reap" the benefits. He cited growth in mutual trade. "Thanks to preferential access and the absence of customs control at internal borders, mutual trade volumes have grown exponentially. For instance, Armenia's exports to the union market have surged 14-fold, while Belarus and Kazakhstan more than doubled their exports, and Kyrgyzstan tripled its exports. GDP growth rates among the five exceed those not part of such in-depth integration," he said.

Russian exports to EAEU countries have doubled since the union's inception, with "Russian companies undertaking significant investment projects across various sectors, including energy, industry, and transportation," he said.

Established in 2014, the Eurasian Economic Union comprises Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, with observer states including Moldova, Uzbekistan, and Cuba. The Union's treaty aims to create a common market based on "four freedoms" to facilitate the free movement of goods, services, capital and labor. Initially, integration stages were scheduled for 2025, but in December 2023, member countries approved a declaration extending the economic development plan until 2030 and the period to 2045.