“One of the key priorities of the EAEU activity is the creation of favorable business environment in order to reveal the full production and technological potential of our states”, Putin said.

He stated that during the past two years since the establishment of the Union, a common broad market has been formed which operates according to the agreed rules that are based on the principles of the World Trade Organization. During that period the mutual trade figures were significantly increased, the barriers to free movement of goods, services, labor and capital are being eliminated.

“During the Union’s existence, the number of non-tariff restrictions has been cut by more than 30%. This year a common market of drugs and medical products has been established which will enable to reduce the prices of socially important pharmaceutical products and strengthen control on the quality and circulation procedure of that products”, Putin said.

It is expected the major event of the summit will be the signing of the agreement on the EAEU new Customs Code. A number of multilateral documents are expected to be adopted that mainly aim at moving forward the process of forming common Eurasian market of goods and services. Moreover, the heads of states will approve the major directions of the Union’s international activity for 2017 and will discuss the EAEU’s various aspects of cooperation with key trade-economic partners.