EAEU becomes a force to reckon with - Toqayev

ASTANA. KAZINFORM - The Eurasian Economic Union has gained a foothold as an integration association, gaining momentum in its development, Qasym-Jomart Toqayev said at the Government's hour at the upper chamber of the Kazakh Parliament on Friday, Kazinform reports.

In his remarks at the Government's hour, Speaker Toqayev noted that 2019 would be momentous for the Eurasian Economic Union (EAEU) as the economic bloc marks 5 years since the signing of the Treaty on the EAEU. Also, it has been 25 years since Kazakh leader Nursultan Nazarbayev put forward the idea of Eurasian integration.

"Today it can safely be said that the EAEU has gained a footing as the integration association, gaining momentum in its development," Toqayev said, adding that the solid foundation for formation of a single market of goods, services and capital had been created in the union.

The Kazakh Senate Speaker added that the EAEU is becoming a force to reckon with and an important player in the system of global economic ties.

"Many countries are keen to cooperate with the EAEU which boasts total population of over 180 million and gross domestic product (GDP) of over $2 trillion," Toqayev pointed out.

He went on by adding that the Free Trade Zone with Vietnam had already been established and that the EAEU had been working on analogous zones with other countries. High hopes are pinned on the EAEU transport and transit potential.

It was also stressed that integration of the EAEU with China's One Belt, One Road initiative would help propel trade and economic ties in Eurasia to the next level.