Eurasian Economic Union Economy Recovering, Manufacturing Output Up 6.5%

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Positive results good news for EAEU export free trade partners

The collective economy of the Eurasian Economic Union (EAEU) member states – Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia is recovering gradually from the coronavirus pandemic, Russian Prime Minister Mikhail Mishustin said at the meeting of the Eurasian intergovernmental council on Friday.

“The pandemic period has demonstrated that our union is capable of swiftly and flexibly adjusting to various challenges and changes. Thanks to joint efforts the EAEU economy is gradually recovering. The macroeconomic indicators are not bad overall, by the end of the first half of the year agriculture output went up by 0.6%, industrial production – by 4.4%, manufacturing – by 6.5%,” he said.

Mishustin also noted “very good trade dynamics” inside the EAEU member-states and with third countries. He urged to continue dealing actively with removing obstacles to free movement of goods, services, capital and workforce.

The EAEU has Free Trade Agreements with Serbia, Singapore and Vietnam and is negotiating with numerous other countries in the ASEAN, MENA and MERCASUR blocs as well as with China and India. Economic recovery in the EAEU will be good news for the EAEU current free trade partners and for those negotiating with it.

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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