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Customs Union as catalyst for economy growth: Russia’s Economy Minister

03 april 2012, 15:22
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“Before 2030 the global economy will be growing at 3.3% a year, with the economy growth pace in India and China slowing to 4-5% … given the accumulated problems in developed countries, their growth rate will be standing at 1-1.5% … Belarus and Kazakhstan – the nations we have teamed up with [in the Customs Union] – will be growing at 4-4.5%, with the integration processes spurring the overall economy of the region”, RIA Novosti quoted Ms. Elvira Nabiullina, Russia’s Economy Minister, as saying at the XIII International Conference on Economy and Society Development April 3, 2012.

Kazakhstan’s foreign trade between Kazakhstan and the Customs Union in 2011 grew by 40.8% to reach $24.526 billion, with exports standing at $7.618 billion (43.1% up) and imports standing at $16.908 billion (39.8% up), according to the Kazakhstan’s National Agency for Statistics.

Tengrinews.kz reported earlier that the number of Russian companies had increased by 30 percent in Kazakhstan since creation of the Customs Union, according to Murat Bulgynov who heads the Indirect Taxes Department of the Tax Commission of Kazakhstan Ministry of Finance. "Our tax legislation is very liberal. You know that VAT in Russia is 18 percent, while our VAT is 12 percent”, he elaborated.

The Customs Union between Russia, Kazakhstan and Belarus came into existence on January 1, 2010 to boost trade and investment. According to the statement made at the press-conference in Minsk, the Customs Union was formed on the WTO principles.

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