Development of relations within the EAEU

In 2021, the Main Guidelines for the Macroeconomic Policy of the member states of the Eurasian Economic Union (EAEU) were approved, which became a program document for further integration and cooperation within the framework of the association. The trade turnover of the countries of the Eurasian Economic Union (EAEU) in 2021 reached its highest level ever, while the Russian ruble remained the main currency of settlements. Russian Prime Minister Mikhail Mishustin announced this on Friday at a meeting of the Eurasian Intergovernmental Council in Yerevan, Russian media reported. “The dynamics of trade turnover of the EAEU states reflects the positive effect of integration processes. Over the past year, the volume of mutual trade between the states of the union reached its maximum for the entire existence of our association and exceeded $73 billion. This is almost 33 percent more than in 2020. And if we talk about food products and agricultural raw materials, then the growth here is about 21 percent. The physical volume of mutual supplies increased by 11 percent,” Mishustin listed. “The Russian ruble remained the main payment currency and was used to make 72 percent of payments,” he emphasized. In general, according to the head of the Russian Cabinet of Ministers, the EAEU countries, on a consensus basis, with respect for the points of view of each state, continue to build a harmonious system of cooperation in all areas of the union’s activities in order to ensure an improvement in the quality of life of citizens and create the most comfortable business environment. At the same time, Mishustin is convinced that the countries of the Eurasian Economic Union (EAEU) should encourage the creation of new joint ventures. According to the Russian Prime Minister, deepening industrial cooperation and launching joint ventures in strategically important and high-tech industries is one of the key tasks. Moscow considers it important to fully unlock the potential of the common market in the Eurasian Economic Union (EAEU) and advocates the free movement of goods, capital and labor in this space, Mishustin said.