Russia eyes doubling Eurasian Economic Union’s share in global economy

Russia aims to boost the Eurasian Economic Union’s (EAEU) share in the global economy from its current 2.5 per cent to 4-5 per cent, said Russian Economic Development Deputy Minister Dmitry Volvach on Tuesday.

Speaking at the fourth forum of Shanghai Cooperation Organisation (SCO) regional leaders, Volvach highlighted the EAEU’s trade with the global market as a key focus, outpacing internal trade between member states.

“We have a task of bringing the share of the Eurasian Economic Union’s economy in global economy, which equals 2.5% now, to 4-5% at current prices,” Volvach  said.

Volvach emphasised the need for expansion, noting that current strategies could be adjusted as the union grows.

The EAEU, which includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan, is an international organisation for regional economic integration. It also has observer nations such as Moldova, Cuba, and Uzbekistan.