The Eurasian Economic Forum, which took place on June 26-27, 2025 in Minsk (Belarus), concluded on a high note, marked by strong participation and important agreements. The EAEU, which consists of five member states: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, has already marked its 10th anniversary. Contrary to skeptics, the association showed the ability to find mutually acceptable solutions and working compromises.
Over 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. Therefore, it was not surprise that representatives of more than 30 countries attended the Forum.
Statistical indicators illustrate the achievements of the Union over the past 10 years. 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 that is comparable to trade between the world’s leading economies. Meanwhile, mutual trade within the Union has doubled to reach US$97 billion, with 93 percent of it 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.
Moreover, it is obvious that benefits of the Union make other states to look for opportunities to join it partly or in full. The 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.
For example, in May 2025 the free trade agreement with Iran came into force. During the Forum in Minsk, two important international documents were signed. The first is an Economic Partnership Agreement with the United Arab Emirates. The second is a temporary trade agreement with Mongolia.
Besides that, the participants of the Forum also agreed on the Fourth Major Protocol, which includes amendments to the EAEU Treaty. These changes aim to address legal gaps in areas such as technical regulation, electric power, competition, and financial markets.
The next important meeting within the frameworks of the EAEU will take place in December this year in St. Petersburg.
No doubt, that for further development the EAEU has things to improve, to be proactive when dealing with situations, to influence the global agenda in a positive way, to have effective patterns for responding to external challenges.
The EAEU achievements and substantive progress might be signs that the Union is pursuing the correct course, which is strengthening the fair and equitable foundation upon which engagement in the emerging multipolar world should develop.
In line with such ideas, President of Russia Vladimir Putin proposed in 2015 the concept of establishing a Greater Eurasian Partnership, which unites, among others, the SCO, EAEU and ASEAN, as a broad integrative framework aimed at expanding and liberalizing trade and investment ties, implementing cross-border infrastructure projects, developing a transport and logistics network, and harmonizing integration processes. The Greater Eurasian Partnership, in turn, will lay a solid economic and material foundation for building an architecture of equal and indivisible Eurasian security — to become in response to common threats and challenges faced by all countries on the continent a reliable antidote against NATOing the Asia Pacific region.
The author of the article is H.E. Nikolay Kudashev, the Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the Republic of Singapore
