For the second consecutive year, the economic growth rates of the EAEU member states are above the global average. This was announced today at the meeting of the Eurasian Intergovernmental Council by the Chairman of the Board of the Eurasian Economic Commission, Bakytzhan Sagintayev, as reported by a correspondent from the Kapital.kz business information center.
“Today, the heads of government of the EAEU countries were informed about the key areas of development in Eurasian economic integration. The first is the macroeconomic situation in the member states of the union. In the Eurasian Economic Union, there has been growth in most indicators, and for the second year in a row, the economic growth rates of the member states are above the global average,” he noted.
According to preliminary estimates from the EEC, the total GDP of the EAEU countries is expected to grow by 4% in 2024. The mutual trade volume for the past year is estimated at 98.3 billion dollars, with mutual investments for the first half of the year around 2 billion dollars.
“Against the backdrop of rising domestic demand, retail turnover in the EAEU increased by 7.7% compared to the previous year. Industrial production grew by 4.3% from January to November. Construction volumes and passenger traffic also show growth. Specifically, the volume of construction work increased by 3%, and passenger traffic rose by 7.2%,” added Bakytzhan Sagintayev.
Calculations in national currencies between member states, based on data from the first half of 2024, reached 91.2%. In 2023, this figure was 88.9%. The measures taken by the EAEU countries have contributed to a decrease in unemployment and an increase in real wages. According to EEC estimates, the unemployment rate in the union reached a 10-year low of 2.9% in the third quarter of 2024.
“Secondly, the development of transport infrastructure is crucial. A unified transport space is actively being formed in the EAEU. The list of Eurasian transport corridors adopted in the EAEU primarily consists of railway routes across the five countries, totaling about 13,700 kilometers, along with roadways and routes approximately 15,000 km in length. These account for about 70% of the volume of transit transportation in the EAEU. Therefore, synchronizing the development of national sections of transport infrastructure in each country is very important,” emphasized the Chairman of the EAEU Board.
He specified that the development of port infrastructure, which is part of the Eurasian corridors, plays a significant role. This work allows our states and the commission to enhance the transport connectivity of our countries both externally and within the EAEU framework.
Additionally, the Chairman of the Board of the Eurasian Economic Commission mentioned today that all 77 common processes in the ICT sector are planned to be adopted in the EAEU by the end of 2025.
“Currently, the technological solution for the integrated information system aims to provide seamless interactions between national digital platforms, both governmental and commercial. As a result, cross-border services can be offered in a trusted and secure environment, based on mutually acceptable and clear rules for all participants. At this point, we can speak of full-format interstate electronic G-to-G, B-to-G, and C-to-G interactions. This has become possible due to the launch of a secure data network and the phased implementation of common processes,” he noted.
According to him, all 77 common processes have been approved, of which 42 have been implemented. The commission has prepared another 24 for implementation, with their launch depending on the readiness of the national segments of the member states.