YEREVAN, OCTOBER 1, ARMENPRESS. The Eurasian Economic Union is developing in progressive paces, an extensive single market has been created which is successfully functioning, while integration processes are favorably impacting the economies of the member states and are contributing to increase of living standards of citizens, Russian President Vladimir Putin said at the Eurasian Economic Union summit in Yerevan.

He noted that the union’s total GDP continues growing, as well as industrial and agricultural output.

“At the same time, new, large scale problems are facing our union. We believe it is necessary to draw special attention to systematic work in the direction of eliminating the obstacles in the goods and services trade sector. The introduction of union regulations in the financial sector is also among priorities. With results of the ongoing session, it is about confirming the concept of a EAEU single financial market. This document will become the roadmap for developing and affirming universal rules for banking and insurance services and operations with securities, and the implemented of the envisaged actions will make the financial tools accessible for our citizens,” Putin said.

He also said that the union’s legislation improvement in the energy sector is proceeding in good pace. He expressed hope that soon the agreements on EAEU united electric-energy market will come into force.

“The single electric-energy territory must be developed together with the gas, oil and petroleum union market in 2025. First of all it is necessary to complete the unification of legislations of member states in the gas supply and transportation market. It is also necessary to continue developing the cooperation of member countries in the digital economy sector. Particularly, the launch of the standardized system of workplace search is in common interests, which will enable citizens of our countries to be informed on vacancies in all countries of the union through the internet,” the Russian president said.

He also highlighted the implementation of the agreement on tracking imported goods to the union.

Putin attached importance to strengthening mutually-productive economic cooperation with non-member states.

“The geography of our union’s contacts is gradually growing. The Union is conducting substantive negotiations with 13 countries, as well as with more than 20 international organizations and structures. Soon free trade agreement talks will commence with India,” he said.

Edited and translated by Stepan Kocharyan