3 Feb 2023 17:06

EAEU potential enables annual GDP growth of 4.5%-5.5% - Eurasian Economic Commission Board head

MINSK. Feb 3 (Interfax) - The Eurasian Economic Union (EAEU)'s potential enables annual GDP growth of 4.5%-5.5%, according to Eurasian Economic Commission Board Chairman Mikhail Myasnikovich.

"It's true that there are certain foreign trade difficulties, but they are largely compensated by the mutual trade growth. The growth reached 13.4%, and cooperation ties expanded 15.7%. The commission's proposals on mechanisms for assistance in economic development have been approved," the Belarusian state-run news agency BelTA quoted Myasnikovich as telling journalists after a meeting of the Eurasian Economic Council in Almaty.

"We believe that the effective use of the potential of our countries allows us to achieve a 4.5%-5.5% growth of the total gross domestic product of the EAEU per year, while maintaining internal stability of the economy," he said.

This year is very important, Myasnikovich said. "In its course, we need to adopt 57 international agreements and documents to ensure the definitive fulfillment of strategic areas of development of our integration for the period until 2025. Most of them are at a high level of preparedness. Lots of agreements are undergoing ratification by EAEU member states," Myasnikovich said.

The Eurasian Economic Commission Board is working to achieve the tasks set in the address by Russian President, Supreme Eurasian Economic Council Chairman Vladimir Putin to the EAEU heads of state on the occasion of the Russian presidency of the EAEU in 2023.

"We have started practical work on cooperation projects. Rules of access to interstate electricity flow services have been approved. There has been a constructive exchange of views on a future document regarding the formation of a common gas market. There has also been a serious discussion of the macroeconomic situation in the EAEU member states and proposals on the provision of sustainable economic development," Myasnikovich said.