7 Aug 2023 09:49

Mutual trade between EAEU states almost doubled in 2015-2022 - report

MOSCOW. Aug 7 (Interfax) - The volume of mutual trade between the member countries of the Eurasian Economic Union (EAEU) has almost doubled, exceeding $80 billion, since the organization was established.

"Mutual trade between the EAEU member states increased by 87% - from $44.5 billion to $83.3 billion - from 2015 to 2022. External trade grew by 59%," the Russian government's website quoted a report, titled Eurasian Economic Integration and prepared as part the year of Russia's EAEU presidency, as saying.

According to the report, the EAEU is the world's largest oil producer, the world's second biggest producer of natural gas and mineral fertilizers, and is in third place by volume wheat, potato and livestock production.

Since the EAEU was set up, its GDP has increased 7.3% ($2.598 trillion), agricultural production went up 26% ($170 billion), and industrial output grew 16.9% ($1.639 trillion), it said.

In the financial sector, the EAEU member countries develop the system of payments and transactions relying on the use of national currencies in mutual trade (they accounted for 89% of the commodity trade in the first quarter of 2023) and broaden the use of their own payment systems, the report said. Eighty percent of the EAEU countries' banks are already connected to this financial messaging system.

The report has been compiled by the Russian government together with the Economic Development Ministry, the government's Analytical Center and the Russian Foreign Trade Academy.