Trade within Russia-led economic alliance soaring – Deputy PM

Trade within the Eurasian Economic Union (EAEU) has been developing rapidly, with turnover expected to reach all-time highs this year, Russian Deputy Prime Minister Aleksey Overchuk told reporters on Monday.

The five-nation economic bloc comprises Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.

“The dynamics of trade in the EAEU countries are very good… if we compare how trade within the EAEU is developing and trade of each of the member countries with the outside world, it is very clear that cooperation within the bloc is developing much faster,” Overchuk said on the sidelines of the ongoing International Customs Forum in Moscow.

According to Overchuk, trade turnover within the union this year could exceed $100 billion.

“This, in fact, is evident from the statistics. Last year, we reached a record [turnover] at $84 billion, this year we also have good growth. The year, of course, is not over yet, but there are some forecasts that we will exceed $100 billion.”

According to the official, the trade growth stems from the fact that EAEU members have succeeded in creating favorable conditions for businesses to interact within the bloc so that “business representatives within our five countries believe that it is most convenient for them to work with each other.”

Russia has stepped up efforts to expand trade and other facets of economic cooperation with allied nations as it faces Western sanctions. The country has also been actively switching trade from dollars and euros to national currencies. According to recent estimates, the share of national and other ‘friendly’ currencies in Moscow's trade with EAEU reached 76% in 2022 and is expected to grow to 90% this year.

Addressing students at the Moscow State Institute for International Relations last month, Foreign Minister Sergey Lavrov said that Russia would continue to focus on expanding cooperation with countries that “are ready for it, on the basis of equal rights and the search for a fair balance of interests.” He emphasized that in this regard, Russia especially values its cooperation with organizations such as the EAEU, as they work “on the basis of consensus.”

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