Eurasian Economic Union, a trading bloc of more than 170 million people, could serve as an efficient bridge between Europe and Asia-Pacific region
Moscow : The leaders of Russia, Belarus and Kazakhstan on Thursday created an economic union that intends to boost cooperation between the ex-Soviet neighbours, a pact which was at the source of the crisis in Ukraine, reports AP.
Russian President Vladimir Putin said the Eurasian Economic Union – which Moscow had pushed Ukraine to join, helping spark the worst crisis in relations between Russia and the West since the Cold War – takes the countries’ cooperation to a “new level” while respecting their sovereignty.
“We are creating a powerful and attractive centre of economic development, a major regional market bringing together over 170 million people,” Putin said during talks in Kazakhstan’s capital, Astana.
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He added that the pact would allow the countries to exploit their economic potential and strengthen their positions i global markets.
With a combined annual economic output of $2.2 trillion a year, the alliance’s economic size would be close to that of Britain and well below that of the US’s $17 trillion.
