Putin's Talk at Eurasian Economic Forum's Plenary Session

Being held in Minsk, Lukashenko was host.

Putin spoke at the plenary session of the Eurasian Economic Forum, which was held at the National Exhibition Center "BelExpo" in Minsk. The topic of the discussion is "Strategy of the Eurasian Economic Integration: Results and Prospects". There’re a number of events that occurred over the last ten days that were subordinated by the Iran Conflict I’ll be working on to try and get back to current happenings, this being one that was held on 27 June. By the time the BRICS Summit begins in Rio, I hope to be all caught up, so expect many (2-4) articles on a daily basis until then, some of which will be very long. This one isn’t as Putin’s remarks only last a dozen minutes:

President of Russia Vladimir Putin: Dear Alexander Grigorievich! Dear friends, colleagues, ladies and gentlemen!

Of course, before answering the questions addressed, I would also like to welcome all the participants of the plenary session of the Eurasian Economic Forum.

I would like to note that several hundred representatives came to Minsk from large, medium and small Russian businesses, that is, those who are directly involved in the development of business ties with the EAEU countries and understand from their own experience what advantages integration provides and what else is needed to improve the conditions for mutual trade and investment exchanges.

I know that today–-at least, this is what our colleagues said–-seminars were held within the framework of the forum, and various issues were discussed, including those I have just mentioned. I would like to emphasise that all useful ideas, recommendations and proposals by our Russian colleagues will be taken into account in our further work to strengthen the Eurasian Economic Union.

Now, as for the role of the EAEU in the formation of a new multipolar architecture of international relations. Let me remind you that... You will have to do some things To repeat, Mr Lukashenko gave certain figures, but I think this is important, and some things will be heard, perhaps, for the second time, but I ask your forgiveness; I think it matters.

Let me remind you that on January 1, the Eurasian Union celebrated its tenth anniversary. During this time, it has certainly grown stronger and established itself as a successful integration. The overall economic potential of the five countries [Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia] has been significantly strengthened, and the EAEU has rightfully established itself as one of the key centers of global development.

To reiterate, the aggregate GDP of the Eurasian Union members increased from 1.6 to $2.6 trillion. Trade turnover with third countries added 38 percent and is 800 billion dollars. This is quite a comparable volume trade turnover between the leading economic powers of the world. This is a solid trade turnover, 800 billion. And the total volume of mutual trade within doubled to $97 billion, with 93 percent of settlements between our states are held in national currencies.

Industrial production in the EAEU countries has also grown by 30 percent, the manufacturing industry by 46 percent, including agriculture by 26 percent. Investment in fixed assets has increased by more than 40 percent. These are very good indicators, colleagues. What does it mean to "invested 40 percent in fixed capital"? This means that, at least in the medium term, growth is ensured, guaranteed, and the money has already been invested.

On the unemployment rate—Mr Lukashenko spoke about this—has fallen to 2.8 percent in the Eurasian Union. In Russia, it is 2.3 percent. This is one of the best indicators in the world today. Of course, the five countries are not going to stop there. Continuous work on strengthening integration mechanisms, increasing the authority and influence of the EAEU in the international arena is ongoing.

Our association is always open for cooperation with all interested foreign partners. Mutually beneficial ties with the countries of Eurasia, Africa, and Latin America are actively developing. Contacts with multilateral structures are being strengthened. You mentioned that these are 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, Serbia. In May, the agreement on free trade with Iran. God willing, now the situation in the Middle East is calming down, the conflict between Israel and Iran. Also, thank God, let's consider everything in the past. This is means that it will be possible to develop relations with all countries in the region, including Iran. Like me, he said that we had concluded a corresponding agreement with them.

And tomorrow, at a meeting of the Supreme Eurasian Council, it is planned to sign agreements on economic cooperation with the United Arab Emirates and Mongolia. At the stage of discussion are issues liberalizing trade with Indonesia, Egypt and India. Our integration association is making a real contribution to the creation of a large space of partnership, cooperation and economic growth on our common Eurasian continent, a space where the right of each state to its own development model is respected and the interests of all participants are taken into account.

Convinced it is on such a fair and equal interaction that the new multipolar world should be built and be the basis of the new multipolar world. Therefore, I think that here we are on the right track and are moving forward relations with our partners.

On the EAEU's interaction with global and regional financial institutions, I would like to note that the five countries are working together to integrate the financial Infrastructure. The concept of forming a common financial market of the Union has been approved, the Eurasian Development Bank and the Eurasian Fund have been established for stabilization and development. These structures lend and provide expert support for projects with a high integration effect and contribute to ensuring financial stability throughout the vast EAEU space. As of the beginning of this year, the Eurasian Stabilization Fund has accumulated about $9 billion. If necessary, they can be used to support the budgets of the five countries.

In turn, Eurasian Bank has accumulated investment portfolio in the amount of 16.5 billion dollars. It financed, in particular, the construction and modernization of electric power facilities in Kazakhstan and Kyrgyzstan, the creation of agricultural production in Armenia. In Russia, the Eurasian Bank allocated funds for the construction of the Western High-Speed Diameter in St. Petersburg, the construction of a ring road, and helped in the development of the Pulkovo airport, also in St. Petersburg, and the implementation of other infrastructure initiatives.

Naturally, the Eurasian Union and its member states maintain extensive contacts with such key regional financial organizations as the BRICS New Development Bank, the Asian Development Bank, the Asian Infrastructure Investment Bank and others.

I remember that at one time even the World Bank helped the Eurasian Commission to prepare recommendations on the implementation of the EAEU digital agenda. These recommendations were used to ensure technological compatibility and harmonisation of the legislation of the five countries in the digital sphere.

However, if we talk directly about Russia, then due to well-known circumstances, our dialogue with the World Bank and other Western-centric financial institutions at this stage is kaput, to put it mildly. The reason is their political engagement. Moreover, we are trying in every possible way to reduce dependence on Western financial institutions, minimize the use of foreign payment tools and services.

Our transition to direct correspondent contacts with banks of the five countries, many of them are connected to the system for the transfer of financial messages of the Central Bank of Russia, is smooth and ongoing. The EAEU countries have managed to achieve significant success in the cojoining of national payment systems and bank cards.

A what I would also like to note? We mentioned BRICS, and our host has just mentioned this. Within the framework of BRICS, we are now working on creating a digital investment platform. And, of course, such ideas in general could be implemented the EAEU as well. The same also applies to other national payment instruments, national electronic settlements, electronic money, and so on.

Without a doubt, regional financial institutions that are emerging from this soil, of course, will multiply (territorial, regional), and will acquire a global character.

By the way speaking as we all well know, it is not a secret, significant the volume of our Russian gold and foreign exchange reserves are frozen in Western banks. And they constantly say that they are going to steal our money. As soon as this happens, the movement towards the regionalization of payment systems, will undoubtedly accelerate and become irreversible. And this is generally good for the global economy. Maybe it's worth paying for.

By the way, I just thought that from my basic education legal, I said "theft of our gold and foreign exchange reserves." Theft is a secret theft of property. And this is open. This is robbery.

And therefore, of course, we aim to further strengthen our own financial settlement instruments in this regard. We will do it. This is in cooperation with the EAEU members and others friendly states–-our like-minded people.

Thank you for your attention. [My Emphasis]

IMO, it’s somewhat surprising that given EAEU’s success that other CIS nations haven’t applied to join. I also thought that the EAEU might become integrated into Union State expansion, but that doesn’t appear to be happening at this time. The other post-Soviet space organizations—CIS, CSTO—along with BRICS and SCO all offer some degree of joint political and economic action that perhaps by 2050 or so will be combined into one all-encompasing Eurasian organization. Of course, there are a number of problems that must be solved before that day arrives. IMO, it’s unrealistic to expect Western European nations joining any of these organizations, even Serbia has shown its inability to be trusted, while problems within related to Armenia continue to gestate despite the boon EAEU is to its economy—the end of Pashinyan’s reign might provide the needed improvement. And then there’s the need to reincorporate Georgia into the regional dynamic. Some economic interactions are happening that’re helping the political situation. The biggest boon will be the bankruptcy of the EU and its disintegration, which will come sooner than later now that its death warrant was signed at the recent NATO Summit—5% of GDP for military crap to fuel a conflict the majority of Europeans don’t want. The EU’s propaganda system will attempt to suppress news of EAEU’s economic success, but the word will leak through, and people will vote with their feet. The meeting of the Supreme Eurasian Economic Council Putin mentioned was held in a restricted format and no readout is available. There was an expanded meeting that involved the five core nations, observer and guest nations:

On the sidelines, Putin met with Chairman of the Executive Council of Abu Dhabi Sheikh Khaled bin Mohammed bin Zayed Al Nahyan. Other meetings likely occurred at lower levels of officials that weren’t reported by the Kremlin. Putin held a press conference after the event which will be reported separately.

Minsk’s Palace of Independence where the meetings were held. There are two photo albums of the event: The one including the above, and the second from the plenary session’s venue which is where the one below is from

There’s another photo showing that massive truck.

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