The share of the Eurasian Economic Union (EAEU) in the global economy should increase from 2.5% to 4-5%, stated Russia's Deputy Minister of Economic Development Dmitry Volvach, as reported by TASS.
"We have a task to raise the share of the Eurasian Economic Union in the global economy – currently 2.5% – to 4-5% in current prices," Volvach said at the 4th Forum of Heads of Regions of the Shanghai Cooperation Organization (SCO) member states.
He pointed out that the union's trade with the outside world is significantly larger than the internal trade between EAEU members. "This is a global objective, and it concerns the current set of countries. As we are now discussing the expansion of the union, it's clear that the objectives will be adjusted accordingly," explained the deputy minister.
The EAEU includes Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. Moldova, Uzbekistan, and Cuba hold observer status within the union.
The 4th Forum of Heads of Regions of SCO member states, held in Omsk from September 17 to 19, gathers around 500 participants. Delegations from 14 Russian regions and 11 foreign countries are attending the event.
