Azernews.Az

By Abdul Kerimkhanov

Minister of National Economy of Kazakhstan Timur Suleimenov at the government hour in the Senate on the trade policy implementation of Kazakhstan in the Eurasian Economic Union (EAEU) reported how much has Kazakhstan's trade increased with EAEU countries.

He noted that Kazakhstan has been a member of the EAEU for the fifth year.

Suleimenov said that the implementation of the basic agreement on the free goods movement shows positive results of the mutual trade of the EAEU states.

According to the data, the trade turnover of Kazakhstan with the EAEU countries continues to increase and in January-November 2018 amounted to $17.1 billion, showing an increase of 6.2 percent, including exports growth of 10 percent reaching $5.3 billion, imports - of 4.6 percent and worth $11.8 billion.

The minister added that the influx of investments from the EAEU countries is growing.

‘‘According to the results of three quarters of 2018, the inflow of investments from the EAEU countries increased by 31 percent - from $941.5 million to $1.2 billion”, Suleimenov concluded.

In turn, Chairman of the Senate of the Kazakh Parliament Kasym-Zhomart Tokayev declared that Eurasian integration should be based solely on economic feasibility.

Speaker noted that 2019 is significant for the EAEU and noticed that this year marks five years since the signing of the Treaty on the EAEU and 25 years - the idea of Eurasian integration, formulated by President Nursultan Nazarbayev.

Interest in cooperation with the EAEU, the cumulative GDP of which is about $2 trillion, and the population exceeds 180 million people, is manifested by many states of the world.

A free trade zone with Vietnam has been created, work is underway to create similar zones with other states. High hopes are pinned on the transport and transit potential of the EAEU.

The pairing of the EAEU with the Chinese initiative “One Belt - One Way” seems to be very promising, which will bring a new level of trade and economic ties in Eurasia. EAEU governments and parliaments countries continue to work on the legal framework formation of the Union. More than 20 international documents adopted within the framework of the EAEU have been ratified.

The heads of the member states adopted a Declaration on the further development of integration processes within the EAEU and determined the future vector of the Union’s development on December 6, 2018.

Key areas include maximizing of the EAEU’s single market efficiency and realizing its opportunities for business and consumers by completely eliminating barriers and minimizing exemptions and restrictions for the free movement of goods, services, capital and labor in the EAEU market.

By 2025, common markets for gas, oil and petroleum products will be formed within the EAEU framework.

The Eurasian Economic Union also known as the Eurasian Union, is a political and economic union of states located in central and northern Eurasia.

---

Abdul Kerimkhanov is AzerNews’ staff journalist, follow him on Twitter: @AbdulKerim94

Follow us on Twitter @AzerNewsAz