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Taking part in the plenary session were President of Belarus Alexander Lukashenko, Prime Minister of Armenia Nikol Pashinyan (via video link), President of Kazakhstan Kassym-Jomart Tokayev, President of Kyrgyzstan Sadyr Japarov, President of Cuba Miguel Diaz-Canel Bermudez, Chairman of the State Administration Council, Prime Minister of Myanmar Min Aung Hlaing, Special Representative of the Co-Presidents of Nicaragua for Cooperation with Russia and Belarus Laureano Ortega Murillo, and Chairman of the Board of the Eurasian Economic Commission Bakytzhan Sagintayev. The session was moderated by Belarus Minister of Information Marat Markov.

Following the session, Vladimir Putin and heads of delegations toured an exhibition of automotive vehicles manufactured in Belarus.

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Speech by the President of Russia

President of Russia Vladimir Putin: Mr Lukashenko, friends, colleagues, ladies and gentlemen,

Before taking the questions, I would like to join my colleagues in greeting all participants of the Eurasian Economic Forum’s plenary session.

I would like to note that several hundred representatives of Russia’s major, medium-sized, and small businesses have come to Minsk. They are directly engaged in developing business ties with the EAEU countries and know from their own experience the advantages offered by integration and what else should be done to improve the conditions for mutual trade and investment.

I am aware that today – at least our colleagues said so – workshops were held as part of the forum which addressed a variety of issues, including the ones I just mentioned. I would like to emphasise that your Russian colleagues will take into account all valuable ideas, recommendations, and proposals and use them in our further work to strengthen the Eurasian Economic Union.

With regard to the EAEU’s role in shaping new multipolar architecture of international relations, let me remind you that… I will have to repeat some points. President Lukashenko has cited some figures, but these matters are important, and some points may bear repeating.

As you are aware, the Eurasian Union marked its 10^th anniversary on January 1. Over this decade, it has undoubtedly grown stronger establishing itself as a successful integration association. The combined economic potential of the five member states has significantly increased, and the EAEU has rightfully become one of the key centres of global development.

Let me reiterate, the EAEU’s aggregate GDP has risen from US$1.6 trillion to US$2.6 trillion. Trade with third countries has grown by 38 percent reaching US$800 billion which is comparable to trade between the world’s leading economies. It is a significant amount, US$800 billion. Meanwhile, mutual trade within the Union has doubled to reach US$97 billion, with 93 percent of settlements conducted in national currencies.

Industrial production in the EAEU countries has increased by 30 percent, the manufacturing sector by 46 percent, and agriculture by 26 percent. Investments in fixed capital have risen by more than 40 percent. These are excellent indicators, colleagues. What does “investing 40 percent in fixed capital” signify? It means that, at least in the medium term, growth is assured, guaranteed, and the funds have already been committed.

Simultaneously, the unemployment rate – as noted by the President of Belarus – has declined across the Eurasian Union to 2.8 percent. In Russia, it stands at 2.3 percent. This represents one of the most favourable rates globally today. Naturally, our “group of five” has no intention of resting on its laurels. Efforts continue to strengthen integration mechanisms and enhance the EAEU’s standing and influence internationally.

Our association has consistently maintained openness to cooperation with all interested foreign partners. Mutually beneficial relations with nations across Eurasia, Africa, and Latin America are developing actively, while engagement with multilateral institutions is being reinforced. You referenced this earlier, mentioning BRICS, the CIS, the SCO, ASEAN, the African Union and others.

The Eurasian Union has concluded a number of preferential agreements with major trading partners: Vietnam, Singapore, and Serbia. In May, the free trade agreement with Iran came into force. God willing, the situation in the Middle East is now calming down, and the conflict between Israel and Iran can, thankfully, be considered a thing of the past. This means that relations can be developed with all regional states, including Iran – as I mentioned, we have concluded the relevant agreement with them.

Tomorrow’s Supreme Eurasian Economic Council meeting will see the signing of economic cooperation agreements with the United Arab Emirates and Mongolia. Trade liberalisation discussions with Indonesia, Egypt, and India are underway. Thus, our integration association is making tangible contributions towards establishing an extensive partnership, cooperation and economic growth framework across our shared Eurasian continent – a framework that respects each state’s sovereign development model while accommodating all participants’ interests.

We are convinced that this constitutes precisely the fair and equitable foundation upon which engagement in the emerging multipolar world should develop. Consequently, I believe we are pursuing the correct course and achieving substantive progress in our partnerships.

Now, on the EAEU’s interaction with global and regional financial institutions. I would like to point out the following: the five EAEU countries are making joint efforts for the integration of financial infrastructure. The EAEU has approved the concept of establishing a common financial market, has set up the Eurasian Development Bank and the Eurasian Fund for Stabilisation and Development. These entities provide loans and expert support for projects with high integration effect, and secure financial stability throughout the vast EAEU area. As of the beginning of the year, the Eurasian Fund for Stabilisation and Development has accumulated about US$9 billion. If the need arises, this money can be used to support the budgets of the five EAEU member states.

In its turn, the Eurasian Bank has built an investment portfolio in the amount of US$16.5 billion. It has financed, in particular, the construction and upgrade of electric power facilities in Kazakhstan and Kyrgyzstan, and the creation of agricultural production facilities in Armenia. In Russia, the Eurasian Bank has allocated funds for the construction of the Western High-Speed Diameter in St Petersburg, for a ring road, for the upgrade of the Pulkovo Airport, also in St Petersburg, and for completing other infrastructural initiatives.

Naturally, the EAEU and its member states support ramified contacts with such key regional financial institutions as the New Development Bank (BRICS), Asian Development Bank, Asian Infrastructure Investment Bank and others.

As far as I remember, even the World Bank once helped the Eurasian Commission to draft recommendations for implementing the EAEU digital agenda. Those recommendations were used for securing technological compatibility and harmonisation of the five member states’ legislation in the digital area.

However, talking specifically about Russia, our dialogue with the World Bank and other West-centric financial institutions is currently hindered, to put it mildly. The reason is their political bias. Moreover, we are doing our utmost to reduce dependency on Western financial institutions and minimise the use of foreign payments instruments and services.

We have transferred to direct corresponding contacts with the five nations’ banks, many of them are connected to the system for transfer of financial messages (SPFS) of Russia’s Central Bank. The EAEU nations have made significant progress in aligning the national payment systems and bank cards.

I would like to note the following. You mentioned BRICS, and our presenter has just remembered it. We are working to create a digital investment platform within BRICS. And of course, such ideas could also be implemented by the EAEU. The same applies to other national payment instruments, national electronic funds transfer systems, e-money, and so on.

There is no doubt that regional financial institutions emerging on this ground will definitely proliferate (territorial, regional) and will be acquiring a global nature.

By the way, as we are well aware, and this is no secret, a significant amount of Russian gold and currency assets is frozen in Western banks. They keep telling us that they intend to steal our money. As soon as this happens, the trend towards regionalisation of payment systems will undoubtedly be stepped up and will become irreversible, which is generally good for the global economy. I think it is probably worth paying for.

By the way, it has just occurred to me – actually I majored in Law at university – I said “theft of our gold and currency reserves.” A theft is clandestine larceny of property. In our case it is open misappropriation which means robbery.

Therefore, in view of that, we are certainly committed to keep strengthening our own financial settlement instruments. We will be doing it in collaboration with EAEU participants and other like-minded friendly states.

Thank you for your attention.