Dmitry Volvach: elimination of barriers among EEU member countries could have economic effect of up to $21 billion

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Economy

14.01.2022, 10:41

Elimination of barriers among the Eurasian Economic Union’s (EEU) member countries could have an economic effect of up to $21 billion, Russian Deputy Minister of Economic Development Dmitry Volvach said at a meeting of the Gaidar Forum, according to TASS.

Dmitry Volvach: elimination of barriers among EEU member countries could have economic effect of up to $21 billion

YEREVAN, January 14. /ARKA/. Elimination of barriers among the Eurasian Economic Union’s (EEU) member countries could have an economic effect of up to $21 billion, Russian Deputy Minister of Economic Development Dmitry Volvach said at a meeting of the Gaidar Forum, according to TASS.

"Elimination of barriers through the synchronization of national regulations, the abolition of customs duties, the establishment of uniform requirements for products, mutual recognition of permits has a concrete quantitative expression, namely $21 billion, or more than 1.1 percentage points of the total GDP of the EEU," said Volvach.

He noted that over the last two years, some 30 barriers have been removed in EEU’s internal market, 15 of which were barriers that violated the rules of the organization. Another 14 barriers are planned to be removed in 2022, according to him.

"In terms of the depth of integration processes today the EEU exceeds such integration associations as ASEAN and Mercosur and is second only to the European Union," Volvach said.

The Eurasian Economic Union is a union of post-soviet states Russia, Kazakhstan, Belarus, ARme ia and Tajikistan.-0-

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