Kyrgyzstan Reports EAEU Economic Growth Despite Sanctions on Russia

29 May

Kyrgyz Prime Minister Akylbek Zhaparov has announced that the economy of the Eurasian Economic Union (EAEU) is experiencing steady growth despite the sanctions imposed on Russia. In an interview with Rossiya-24, Zhaparov stated, "Russia is under great sanctions pressure, but despite this, the economy gives steady growth within the EAEU."


Zhaparov highlighted a significant increase in trade turnover between Kyrgyzstan and the EAEU over the past decade. "It was about $5 billion, now it is more than $15.7 billion," he said. He also noted that cooperation within the EAEU has been instrumental in stabilizing Kyrgyzstan's economy post-pandemic, providing many job opportunities both within the country and through the trade of goods within EAEU member states.


The prime minister emphasized that the EAEU has met the aspirations of Kyrgyz citizens. "Usually these unions are created from [the point of view of] economic interests, political interests, and then the interests of ordinary citizens are already taken into account. The demands of its citizens to live in freedom, to move freely, to communicate, to find free employment - this is what I think was taken into account by our leaders when this union was created," Zhaparov added.


In a message marking the 10th anniversary of the EAEU agreement, Kyrgyz President Sadyr Zhaparov described the union as a symbol of stability and cooperation, not only for its member countries but also for other partners. He reaffirmed Kyrgyzstan's commitment to fostering mutually beneficial cooperation within the EAEU.


About the EAEU


The EAEU was established based on the Customs Union and the Common Economic Space, becoming effective on January 1, 2015. The union has signed trade agreements with several countries, including Vietnam, Iran, Serbia, Singapore, and two agreements with China. Ongoing consultations aim to liberalize trade with Egypt, Indonesia, and the UAE, with preparations underway for negotiations with India.


The Kremlin has noted the EAEU's significant achievements over the past decade. The GDP of member countries has grown from $1.6 trillion to $2.5 trillion. Mutual trade has nearly doubled to $80.5 billion, and trade with third countries has increased by 60%. The union's external debt has decreased by 15%, and the portfolio of mutual accumulated direct investments has reached $17.7 billion. Positive trends in 2024 include growth in industrial production, agricultural output, and retail trade turnover.



GSV "Russia - Islamic World"

Photo: official website of  the Rais RT

Based on materials from TASS