Connect to share and comment

EEU to define members' development in complicated environment: Russian PM

PlacardEnlarge
(Globalpost/GlobalPost)

MOSCOW, May 29 (Xinhua) -- Prime Minister Dmitry Medvedev said the treaty to create the Eurasian Economic Union (EEU) signed Thursday by Russia, Belarus and Kazakhstan will define the countries' common development amid changing economic reality.

"A big event has happened -- the treaty on EEU has been signed, which defines the vector of our development for years," Medvedev told a government meeting.

The treaty, which envisages the launch of the European Union ( EU)-style bloc from Jan. 1, 2015, was especially important in the environment where new risks and challenges for Russia may pop up, he noted.

"In the upcoming years we have to work on the background of instability and worsening conditions at a number of markets," the RIA Novosti news agency quoted Medvedev as saying.

Among the risks Russia may face he mentioned situations in Ukraine and Moldova as well as potential change of trade regime with some other countries of the Commonwealth of Independent States.

Moldova looks forward to signing in June an association agreement with the EU, which Moscow strongly opposes, while the situation in Ukraine after last Sunday's presidential elections remains unpredictable amid ongoing armed clashes in the country's eastern regions.

Western sanctions imposed on several Russian companies could also negatively affect trade volumes, Medvedev added.

Earlier in May, Russian Finance Minister Anton Siluanov said the best way to survive Western sanctions was to stay consistent with already implemented economic policies, as well as stimulating economic structural reforms.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140529/eeu-define-members-development-complicated-environment-russi