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    Common Energy Markets May Add $9Bln to Eurasian Economic Union's GDP - Putin

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    ST. PETERSBURG (Sputnik) - The creation of common energy markets within the framework of the Eurasian Economic Union (EAEU) may increase the collective GDP of EAEU member states by $9 billion, Russian President Vladimir Putin said on Thursday.

    "Drafts of important decisions on the creation of common markets of oil, petroleum products and gas have been prepared for today's meeting. According to experts, the implementation of these plans will increase the GDP of our countries by $9 billion", Putin said at a meeting of EAEU leaders in St. Petersburg.

    READ MORE: How Russia's Greater Eurasia Plan May Spell the End of EU-Centric Model

    The Russian president went on saying that cooperation within the EAEU was being carried out successfully and dynamically, with the cumulative GDP going up 2 percent in the first half of 2018. Industrial production continued to grow, while intra-union trade increased 12 percent to $44 billion.

    In addition, trade with external partners increased by 21 percent to $548 billion, mainly due to increased exports from the union, according to Putin.

    He also recalled that at the meeting in May, an agreement to mark the union's goods with the aim of making trade operations transparent, and ensuring consumer rights projection and equal conditions for a competition was signed.

    The EAEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movement of goods, services, and people within the union.

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    GDP, energy market, EAEU, Vladimir Putin, Russia
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