The EAEU role in the global economy
🇦🇲🤝🇧🇾🤝🇰🇿🤝🇰🇬🤝🇷🇺
✅ Since the establishment of the Eurasian Economic Union in 2015, the share of total GDP (PPP) of the Union’s countries has remained in the range of 5,5-5,7% of the global GDP. At the end of 2021, its share of the world GDP stood at 2.1%, in absolute terms just over USD 2 trillion.
✅ Between 2014 and 2021, mutual trade among EAEU member states increased in value terms by 28.5% to $73.1 billion. The growth was driven by rising global commodity prices and a change in trade structure in favour of more value-added goods.
☝️ The EAEU economies have shown their resilience to global crises. The COVID-19 pandemic is a striking example, with the decline in GDP growth rate in 2020-2021 being less significant than for the rest of the world.
✅ Given the growing sanctions pressure on Russia and Belarus, it is worth noting that so far the actual growth rates of the EAEU economies are higher than predicted.
#EAEU #EurasianEconomicUnion #Integration
🇦🇲🤝🇧🇾🤝🇰🇿🤝🇰🇬🤝🇷🇺
✅ Since the establishment of the Eurasian Economic Union in 2015, the share of total GDP (PPP) of the Union’s countries has remained in the range of 5,5-5,7% of the global GDP. At the end of 2021, its share of the world GDP stood at 2.1%, in absolute terms just over USD 2 trillion.
✅ Between 2014 and 2021, mutual trade among EAEU member states increased in value terms by 28.5% to $73.1 billion. The growth was driven by rising global commodity prices and a change in trade structure in favour of more value-added goods.
☝️ The EAEU economies have shown their resilience to global crises. The COVID-19 pandemic is a striking example, with the decline in GDP growth rate in 2020-2021 being less significant than for the rest of the world.
✅ Given the growing sanctions pressure on Russia and Belarus, it is worth noting that so far the actual growth rates of the EAEU economies are higher than predicted.
#EAEU #EurasianEconomicUnion #Integration
The Eurasian Economic Union (EAEU), uniting Russia 🇷🇺, Armenia 🇦🇲, Belarus 🇧🇾, Kazakhstan 🇰🇿 and Kyrgyzstan 🇰🇬, is an influential economic association of a new equal type of trade and investment partnership with
✅ a total population of 190 million people;
✅ GDP – more than $2 trillion;
✅ total area of more than 20 million km.
🤝 Over the past year, the member states have signed 12 agreements and several hundred acts of the Union's bodies aimed at deepening integration. Most of them are very specific and concern customs tariffs and non-tariff regulations, sanitary and phytosanitary measures, and other sectoral issues. All of them are ultimately aimed at improving the well-being of the Union’s citizens.
👉 In 2023, the temporary measure setting a higher threshold of 1,000 euros for duty-free importation of goods for individuals into the EAEU territory was extended. This step directly affects the population of the EAEU member states.
👉 Another example is the June 2023 agreement signed by EAEU member states on the mutual recognition of academic degrees. This agreement is aimed at enhancing the labour mobility within the Union, which is an integral part of the single labour market
☝️ Free movement of workers within the EAEU is one of the four fundamental freedoms of Eurasian economic integration. Once the signed agreement enters into force, any EAEU member state will be able to recognise a degree obtained in any other EAEU country, which will undoubtedly facilitate the process of employment and labour activity for the Union's citizens.
All the above examples demonstrate the effectiveness of the EAEU in action.
#EAEU #EurasianEconomicUnion
✅ a total population of 190 million people;
✅ GDP – more than $2 trillion;
✅ total area of more than 20 million km.
🤝 Over the past year, the member states have signed 12 agreements and several hundred acts of the Union's bodies aimed at deepening integration. Most of them are very specific and concern customs tariffs and non-tariff regulations, sanitary and phytosanitary measures, and other sectoral issues. All of them are ultimately aimed at improving the well-being of the Union’s citizens.
👉 In 2023, the temporary measure setting a higher threshold of 1,000 euros for duty-free importation of goods for individuals into the EAEU territory was extended. This step directly affects the population of the EAEU member states.
👉 Another example is the June 2023 agreement signed by EAEU member states on the mutual recognition of academic degrees. This agreement is aimed at enhancing the labour mobility within the Union, which is an integral part of the single labour market
☝️ Free movement of workers within the EAEU is one of the four fundamental freedoms of Eurasian economic integration. Once the signed agreement enters into force, any EAEU member state will be able to recognise a degree obtained in any other EAEU country, which will undoubtedly facilitate the process of employment and labour activity for the Union's citizens.
All the above examples demonstrate the effectiveness of the EAEU in action.
#EAEU #EurasianEconomicUnion