Trade between Russia and CIS states to hit $100 billion – Putin

The Russian president highlighted successful cooperation between members of the post-Soviet organization

Trade between Russia and the other members of the Commonwealth of Independent States (CIS) will amount to $100 billion by the end of 2022, according Russian President Vladimir Putin.

The CIS, formed after the dissolution of the Soviet Union in 1991, has nine members: Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and Uzbekistan. The countries together cover an area of 20 million square km in Eurasia, with an estimated population of 240 million.

The Russian leader, speaking at a traditional informal meeting of CIS leaders in St. Petersburg on Monday, said all members of the organization are committed to further developing cooperation, which reflects the fundamental interests of each country.

“I would like to express my confidence that the deepening cooperation within the CIS meets the fundamental interests of the peoples of our countries, helps to more effectively solve the problems of socio-economic development of the Commonwealth states and strengthen regional stability and security,” Putin stated.

READ MORE: Russian gas supplies shifting away from the West

The Russian leader highlighted growing security threats and challenges along with some disagreements within the CIS, but stressed that member states are ready to solve them in close partnership.

During the informal summit, CIS leaders are expected to sum up the results of the current year and discuss plans for future cooperation in sectors of vital interest to member states.

Find more stories on economy and finance in TROIB business