Integration processes within the Eurasian Union have the most favorable effect on the growth of the economies of the participating countries and contribute to improving the living standards of our citizens, said Russian President Vladimir Putin Tuesday at a meeting of the Supreme Eurasian Economic Council in Yerevan.

According to him, the aggregate GDP of the EAEU states continues to grow, and industrial and agricultural production increases.

At the same time, our association faces new large-scale tasks. Special attention should be paid to systematic work to remove barriers to trade in goods and services, and in various sectors of the market. The introduction of all-Union regulation in the financial sector is among the priorities. Based on the results of the current meeting, it is intended to approve the Concept for the formation of the EEU common financial market, he said.

This document will become a road map for the development and approval of universal rules for the provision of banking and insurance services, operations with securities. Implementation of the measures stipulated by the road map will simplify the access of citizens of our countries to financial instruments and make this market segment unified and transparent, the Russian president noted.

According to him, the process of improving the Union legislation in the energy sector is at a good pace. In the near future, agreements will come into force on the formation of a single EAEU electricity market. A common electric power space should be formed simultaneously with the creation of the allied markets for gas, oil and oil products in 2025. First of all, it is necessary to complete the process of unification of the laws of the Member States in the field of gas supply and transportation.

We attach great importance to the speedy implementation of the agreement on the traceability of goods imported into the customs territory of the EEU. The Eurasian Economic Commission, according to our decision today, will receive corresponding additional powers.

It is important to ensure transparency in the circulation of products on the Union market, therefore, it is necessary to establish a full exchange of legally relevant electronic accompanying goods documents, as well as more vigorously introduce electronic labeling of goods. By the way, a pilot project on labeling a number of products confirmed the effectiveness of this measure in the fight against counterfeit products, and increased tax revenues, he noted.

Putin said that an interim agreement will come into force late October for the formation of a free trade zone between the EEU and Iran.

Its implementation will lead to a significant reduction in import tariffs, the abolition of other restrictions that impede the movement of goods flows. All this will undoubtedly contribute to the growth of mutual trade and investment, he said. In general, the geography of contacts of our Union is constantly expanding. The association is conducting substantive talks on cooperation with 13 countries and over 20 international structures and organizations such as Serbia, Israel, and Egypt. Soon, similar negotiations will begin on a free trade zone with India with its colossal, huge market. A fast-growing economy, today it is the number one in the world in terms of pace.

Putin noted that the EEU has long and fruitfully expanded its interaction with the dynamic economies of the Asia-Pacific region. It is necessary to further establish close ties between the Eurasian Union and the Shanghai Cooperation Organization and ASEAN, and work in favor of a large Eurasian partnership.

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Putin: Agreements will come into force on formation of single Eurasian Union electricity market - Information-Analytic Agency NEWS.am