Putin Says Trade Liberalisation Talks Between India And EAEU Have Intensified | APT

Added: 2026-06-01

[00:00:00]The assessments offered by colleagues, both positive and critical, nevertheless clearly indicate that the Eurasian Economic Union is functioning successfully as a whole and continues to develop further.

[00:00:14]Common markets for goods, services, capital, and labor have largely been established. Multi-faceted cooperation in trade, finance, and other areas is expanding. Thereby gradually forming a full-fledged, comprehensive single economic space.

[00:00:36]I would like to emphasize, considering the specifics of the current situation, that close Eurasian integration does indeed bring tangible benefits to each of the member states of our union, contributing to increased business income and improved quality of life and well-being for the population of our countries.

[00:00:57]The dynamics of the key macro economic indicators of our five countries are stable and positive, and this speaks for itself.

[00:01:08]Total industrial output in the Eurasian Union increased by 1.6%.

[00:01:14]Agricultural output by 4.6% and construction by 4.2%.

[00:01:23]Growth is also being observed across most sectors of the economy.

[00:01:28]Trade flows between the member states of our union reached 95 billion dollars last year.

[00:01:35]The structure of trade is improving due to an increase in high-tech exports and the simultaneous decrease in the share of raw materials.

[00:01:46]Within the EAEU, trade barriers are being systematically eliminated and non-tariff regulations are being harmonized.

[00:01:55]Virtually all settlements between our countries are conducted in national currencies.

[00:02:01]Thus, mutual export and import operations are reliably protected from external influences and negative trends in global markets.

[00:02:12]Measures are being taken to further harmonize the customs legislation of the member states.

[00:02:19]The next decisions in this area will be agreed upon thanks to expanding industrial Our states have created effective value-added chains.

[00:02:31]Import substitution policies are advanced.

[00:02:35]Cutting-edge technologies and innovations are being introduced.

[00:02:40]Through the EAEU, a mechanism for preferential co-financing of promising industrial projects has been launched.

[00:02:49]Loans for these purposes are provided at interest rates significantly below market ones.

[00:02:56]Naturally, such a subsidy scheme has sparked keen interest among business circles in our countries.

[00:03:03]To date, two joint industrial projects are already actively underway. Three applications for funding have been approved, and another 14 are under review by the Eurasian Commission.

[00:03:16]The decisions we make today will allow us to scale up this positive experience to other key sectors, including agriculture.

[00:03:26]The latter is particularly significant given that food security has traditionally been a major priority in the Eurasian Union.

[00:03:36]Through our joint efforts, we strive to independently and seamlessly supply the domestic market with vital agricultural products of our own production.

[00:03:48]Another step forward in this direction will be the decree on the common market for agricultural plant seeds, which is being approved today.

[00:03:59]Many foreign countries and major regional organizations, such as the Commonwealth of Independent States, the Shanghai Cooperation Organization, and the Association of Southeast Asian Nations have expressed interest in developing ties with the five member states.

[00:04:20]For its part, the Eurasian Economic Union remains open to mutually beneficial and equal cooperation with constructive-minded countries and organizations.

[00:04:32]And the circle of EAEU preferred partners is steadily expanding year by year.

[00:04:39]Last year, trade agreements were concluded with Mongolia and the United Arab Emirates, as well as with Indonesia.

[00:04:48]Negotiations on trade liberalization with India have intensified.

[00:04:54]We certainly support draft decisions to launch work on free trade agreements with new promising partners.

[00:05:02]We must and will carefully analyze all aspects of this progress.