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According to Putin, Eurasian Economic Union will help Kazakhstan to cope with economic crisis

18 december 2014, 22:54
Vladimir Putin. RIA Novosti ©
Vladimir Putin. RIA Novosti ©

President Vladimir Putin of Russia believes Kazakhstan will be able to more easily cope with the economic crisis following the launch of the Eurasian Economic Union [of Kazakhstan, Belarus and Russia], a Tengrinews.kz journalist reports. The statement was made in the annual press conference broadcasted on Russia 24 TV Channel December 18. President Putin emphasized that the crisis had been triggered by external factors.

According to him, Kazakhstan, just like Russia, is an oil producing nation. “Therefore, the nation, just like Russia, is facing unfavorable global prices [for commodities]; and the unfavorable conditions have nothing to do with the integration efforts within the Eurasian Economic Union. Are we capable of exiting the tough situation? I’ve already told that we will definitely handle the situation, enjoying certain benefits. These benefits will be possible given the growing global economy and growing needs for energy resources we have and given that the two economies are sure to get adjusted to lower prices for energy”, Putin said.

He emphasized that with the Eurasian Economic Union in place, once all the barriers are down, it will be easier to tackle the crisis. “What is the major significance of the initiative once put forward by President Nazarbaeyv [to launch the Union] and successfully pursued ever since? The major point is that it is easier to act jointly, ensuring freedom of movement of goods, workforce and capital (…) Since the Customs Union was launched, the trade turnover has grown 50%. It is a tangible increase and we will be building on integration benefits”, he said.

Earlier Gani Kassymov, Chairman of the Party of Patriots of Kazakhstan, urged to postpone the launch of the Eurasian Economic Union for a year. “I suggest postponing the introduction of the Eurasian Economic Union norms for a year to a time Russia’s economic situation recovers. Kazakhstan cannot maintain economic fraternity with Russia following the latter’s economic collapse. The Russian crisis will deteriorate the economic situation in Kazakhstan and Belarus”, Mr. Kassymov told a Tengrinews.kz journalist.

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