Mutual trade between EAEU countries grew by 12% in nine months

Mutual trade between the countries of the Eurasian Economic Union (EAEU) grew by 12.3% year-on-year to Br6.5 trillion in the first nine months of this year, Russian Economic Development Minister Maxim Reshetnikov said on December 26.

"One of the main results of 2024 is the record growth of trade between EAEU countries. In the first nine months of 2024, mutual trade grew by 12.3% year-on-year and amounted to 6.5 trillion rubles. For 10 months, the union economy as a whole grew by 4.2%," the press service of the Ministry of Economic Development quoted him as saying.

According to him, the agreement on a unified system of customs transit of the EAEU and third countries, signed by the heads of the union countries, was also an important step. The system will allow to integrate transit traceability systems through mutually recognized electronic declarations and navigation seals. This, in turn, will help speed up cross-border transportation and reduce the burden on business.

In addition, the minister named the unification of customs administration in the EAEU among the important decisions of the year.

"Unified duties in the union are in effect, but they are sometimes applied differently. This creates risks of forming channels of gray imports, which has a negative impact on our producers. Unification of approaches to control is an important step to stop such practices," he said.

Reshetnikov added that another key achievement of the year is the concept of formation of a common exchange market of goods of the EAEU. Now the participants of the Eurasian market will be able to enter each other's commodity exchanges without restrictions, to develop new markets and trade in national currencies.

Earlier in the day, the Minister of Economic Development of the Russian Federation told Izvestia about the transition of the Russian Federation to settlements with partners in rubles. He noted the large trade turnover between the countries, common markets for goods and services. Reshetnikov also said that trade within the EAEU is stable and protected from external risks.