By Rhod Mackenzie
The trade of the member states of the Eurasian Economic Union (EAEU) has almost doubled since the establishment of the organization.
This is stated in a report prepared by the government of the Russian Federation together with the Ministry of Economic Development, the Analytical Center under the Government and the All-Russian Academy of Foreign Trade, the press service of the Cabinet of Ministers reports.
“In 2015-2022, the mutual trade of the EAEU member states grew by 87% - from $44.5 billion to $83.3 billion. Foreign trade grew by 59%,” the report said, presented in the context of the Russian chairmanship of the EAEU bodies.
As emphasized in the document, at the moment the EAEU is in first place in terms of oil production in the world. In addition, the union ranks second in gas production and the production of mineral fertilizers and third in the production of wheat, potatoes and livestock products.
It is specified that since the foundation of the organization, its GDP has grown by 7.3%, approaching $ 2,600 billion, agricultural production - by 26% ($ 170 billion), industrial production - by 16.9% (about $ 1,640 billion).
The EAEU countries are developing payment and settlement relations based on national currencies, the report states. In the first quarter of this year, the share of national currencies in trade in goods amounted to 89%, the authors of the document note, also paying attention to the introduction of their own payment systems.
The member states of the Eurasian Economic Union are Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan.