Kazakh President points out decrease in mutual trade in EAEU

YEREVAN. KAZINFORM In the first half of 2019, commodity turnover between the Eurasian Economic Union and third countries decreased almost by 2%, while mutual trade dropped by 5%. For this reason, the EAEU countries need to maintain sustainable economic growth. President Kassym-Jomart Tokayev said it taking the floor at the meeting of the Supreme Eurasian Economic Union, Kazinform correspondent reports.

«According to the UN data, the current trade wars may lead to global economic losses from 850bn U.S. dollars to almost 1trln U.S. dollars by the beginning of the next year. The slowdown in production, the reduction in investments across the globe may comprise about 1% of the total gross domestic product. The slowdown in global economic growth, especially in the European Union and China – our main partners – may lead to undesirable consequences for us,» Kassym-Jomart Tokayev said.

He pointed out that decrease in commodity turnover in 2019.

«In the first half of 2019, commodity turnover between the Eurasian Economic Union and third countries fell by 2%, while mutual trade among the EAEU countries dropped by more than 5%, up to 28bn U.S. dollars. This is an unfavorable tendency, as you may see. Of course, we are concerned about the reduction of export of Kazakhstani products. Kazakhstan’s exports to the EAEU states reduced by more than 6% both due to external factors and administrative barriers,» the President said.

«It is crucial to maintain sustainable economic growth of our countries, which will be possible by means of real and mutually beneficial cooperation – integration and collaboration,» he added.