By, Index news

Russian President Vladimir Putin hailed the important role being played by the Eurasian Economic Union (EAEU) in the emerging multipolar world in comments delivered during a summit of the group on Wednesday in Moscow.

The gathering coincided with the tenth anniversary of the signing of the EAEU’s foundational treaty that brought five post-Soviet states – Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia – together in a single integrated market. The group also has three observer states: Cuba and two other ex-Soviet nations, Moldova and Uzbekistan.

Speaking ahead of the closed-doors part of the summit, Putin lauded the bloc’s development, stating the union has fared well over the past decade and established itself “as an independent and self-sufficient center of the emerging multipolar world.”

The union strongly adheres to its “main principles of integration cooperation,” namely “equality, mutual benefit, respect for and consideration of each other’s interests,” Putin noted.

“The economic indicators speak for themselves: according to available estimates, over the ten years the joint GDP of the EAEU countries went from $1.6 to $2.5 trillion. Trade with third countries grew by 60% from $579 to $923 billion, while the volume of mutual trade almost doubled: from $45 to $89 billion, with over 90% of transactions already made in national currencies,” Putin stated, noting that positive macroeconomic trends have been observed within the union this year as well.

The EAEU has proven to be beneficial not only to its member states, but to the broader Eurasian region, the president stated. The union “helps ensure stable and sustainable development both of the five member countries and the Eurasian region as a whole, and results in improving the quality of life and wellbeing of our people,” he said.

The EAEU is effectively a successor to the Eurasian Economic Community, a now-defunct group that existed between 2000 and 2014 but was dissolved soon after the EAEU treaty was signed.