Putin: Eurasian Economic Union to work based on transparent universal principles

Photo: Putin: Eurasian Economic Union to work based on transparent universal principles
 / Kazakhstan

Astana, Kazakhstan, May 29

By Daniar Mukhtarov - Trend:

The Eurasian Economic Union (EAU) will work based on the universal transparent principles, according to Russian President Vladimir Putin.

Putin made the remarks on May 29 speaking at a meeting of the Supreme Eurasian Economic Council, in Astana, Kazakhstan.

"The Eurasian Economic Union will work based on the universal transparent principles that are understandable for everyone, as well as on the terms of the WTO rules and principles. The Agreement on the EAU is ready to be signed," the Russian president said.

"It is symbolic that the signing of the agreement is being held in Astana, the Kazakh capital, because the idea on the EAU was initiated by Nursultan Nazarbayev, who first voiced the idea during his speech at the Moscow State University in 1994," Putin noted.

"Today we together create a powerful attraction center of economic development, a large regional market, which brings together over 170 million people," he said.

He went on to add that the meeting has a special, 'epoch-making' significance.

"Russia, Belarus and Kazakhstan are signing the Agreement on the Eurasian Economic Union. This document takes our countries to a new level of integration. While fully maintaining the state sovereignty, we ensure a closer and well organized economic collaboration and cooperation."

Putin also stressed that the EAU has huge reserves of natural resources, including energy resources, while fifth of gas reserves and almost 15 percent of oil reserves account for the union.

"The three countries have developed industries, the industrial base, powerful human, intellectual and cultural potential. The geographical location allows us to create transport and logistics routes not only of regional but also global significance. All these are a key to our union's competitiveness," the Russian president said.

Edited by S.I.

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