Eurasian Economic Union’'s trade turnover exceeded 80 billion euros last year

The countries of the Eurasian Economic Union (EAEU) are moving towards deeper economic integration through digitalization and artificial intelligence as the bloc's leaders meet in Astana’ for a two-day summit.

During high-level talks, member states discussed creating a unified digital environment to create an uninterrupted market in more than 20 million square kilometers of common economic space.

The delegations focused on trade, joint projects and the development of common digital tools and artificial intelligence systems designed to strengthen collaboration and reduce fragmentation across the block.

Last year, trade within the union more than doubled, while turnover with third countries %While increasing by 72 percent, EAEU countries are also contemplating a single transition system, they are now ’ is made in national currencies.

Kazakhstan's President Kassym-Jomart Tokayev said that with digitalization driving developments across the union, the trade turnover among EAEU members was about €80 billion this year compared to last year's €80 billion. %He said it could increase by 6 to over 85 billion euros.

GDP growth across EAEU countries for 2026-2027 %He added that it was projected to be around 2.5.

Currently in its 12th year, EAEU functions as a single integrated market and free trade zone for its five members (Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia).

The bloc already has agreements with several countries, including Serbia, Vietnam, the UAE, Mongolia and Indonesia. China continues to be the bloc's key partner, accounting for about a third of foreign trade.

Integration through artificial intelligence

Kazakhstan's Tokayev said that during the EAEU presidency, the country proposed the practical use of artificial intelligence to help implement the bloc's so-called four freedoms in order to strengthen the competitiveness of its member states.

Member states also proposed developing common principles for responsible use of artificial intelligence, as well as joint computing capacity and joint model development.

Meanwhile, according to Russian President Vladimir Putin, ’e, Russia proposed a high-level AI meeting next year to advance cooperation on domestic AI models and connect IT and energy infrastructure.

Pilot projects are currently being tested at the EAEU level.

KazakhstanA variety of AI-powered digital assistants have been developed in ’ by both government agencies and start-ups to help citizens navigate legal and regulatory systems more easily.

According to Dmitry Mun’, Deputy Minister for Artificial Intelligence and Digital Development, these AI legal assistants are designed to simplify legislation, reduce bureaucracy, and make regulatory systems more accessible to citizens and businesses.

Some of these tools are currently being tested to streamline processes in member states.

Trade corridors and logistics modernization

According to the authorities, China’ to Europeapproximately ’i is being routed through the Middle Corridor.

Artificial intelligence is increasingly being used along the TDN and Digital Transportation Corridor along the Trans-Caspian International Transportation Route. Together with these measures, non-commodity exports in the next two years will be approximately %It is expected to increase by 30 percent.

Kazakhstan's Minister of Trade and Integration Arman Shakkaliyev said that the country also aims to take advantage of major transport routes, including the Middle Corridor and the North-South Corridor, to create a fully integrated logistics ecosystem.

The goal, he said, is to position Kazakhstan’ as an important regional hub, where transport routes converge and large export flows are consolidated.

The goal is to develop a fully functioning system where cargo volumes will reach nearly 10 million tons by 2030. Work is already underway, including railway modernization and the development of new infrastructure.

Putin visit and bilateral agreements

Following Putin's official visit to ’, the two countries signed a broader package of agreements covering seven pillars of bilateral cooperation, as well as energy, transport, finance, education and industrial development.

Russia, with an investment of approximately 25 billion Euros, continues to be the largest investor in Kazakhstan, and plans to increase this figure even further. Kazakhstan is also building ’'s first nuclear power plant worth around €14 billion.

Putin, the plant Kazakhstanapproximately the electricity consumption of ’ %He said he would meet 20’sini and that the financing conditions for such projects were in line with international practices.

He said the project supports ’'s industrial capacity through equipment orders and long-term maintenance contracts, while also strengthening cooperation between the two countries in the field of uranium and nuclear technology.

Officials say that for Kazakhstan, the project represents both energy security and a step towards high-value technological cooperation beyond the export of raw materials.

Billionaire investor Warren Buffett to step down after 60 years as Berkshire Hathaway leader

Warren Buffett, one of the richest people in the world and one of the most successful investors, said on Saturday that he wants to leave Berkshire Hathaway’'s CEO ’ at the end of the year.

The announcement, made after five hours of question-and-answer time at the company's shareholders meeting on Saturday, came as a big surprise, especially as the 94-year-old man said he had not planned to retire before.

Buffett told the Berkshire Hathaway’'s board on Sunday that he would recommend Vice President Greg Abel’ replace him.

Buffett, “, said ’, "I think it's time for Greg ’ to become CEO ” of the company at the end of the year.

Thousands of investors gathered at the Nebraska’'s annual meeting at the Omaha arena, and after the announcement, Buffett gave ’ a long standing ovation.

The billionaire investor took control of Berkshire Hathaway’in, a textile manufacturer, in 1965.

Over the past 60 years, Buffett has transformed the seemingly unsuccessful textile company into a conglomerate, finding other businesses and stocks sold for less than their value.

His success made him a Wall Street icon and earned him the nickname “Omaha Oracle”, referring to the city of Nebraska where the investor was born and lived.

Who is Greg Abel?

Abel has been Buffett’'s successor for years and currently manages all of Berkshire’'s non-insurance businesses. However, it was always assumed that Buffett’ would not take over until his death.

Buffett finally announced the news without asking any questions. He said the only board member who knew this was coming was his two kids, Howard and Susie Buffett.

Abel’a, who sat next to Buffett’ on stage, was not given any warning. An hour later, this time Buffett returned to respond to the news without being on stage.

I want to say that I cannot be more humble and honored to be part of the Berkshire “ as we move forward, ’ said.

According to some analysts, many investors believe that Abel’ will do a good job managing Berkshire’, but time will tell how good it will be at investing Berkshire’'s money.

FILE – Berkshire Hathaway shareholders line up to take selfies with Greg Abel in Omaha, Neb’de on Friday, May 3, 2024 (AP Photo/Josh Funk, File)

CFRA research analyst Cathy Seifert said it should be difficult for Buffett’ to reach this decision.

Seifert, “This was probably a very difficult decision for him, but it's better to leave on your own terms, ” said. “Berkshire’ at ‘I think that efforts will be made to maintain the ’ environment as usual. This is yet to be determined.”

Buffett confirmed Greg’i by promising to continue investing his fortune in the company on Saturday.

Buffett, “Berkshire Hathaway, I have no intention of selling a stake in ’, – zero. I'll give it to others eventually, ” said.

The decision to hold “Her stock is an economic decision because I think the future of Berkshire’ will be better than mine under Greg’'s management.”

Buffett warns trade is not a weapon

Meanwhile, Buffett, US President Donald Trump, warning of the dire global consequences of ’'s trade tariffs, said “ should not be a weapon of trade.

Buffett said at Saturday's meeting that Trump’'s trade policies have angered the rest of the world, increasing the risk of global instability.

Buffett, “It's a big mistake in my opinion, ”, when there are 7.5 billion people who don't like you very much, and there are 300 million people who praise you for what you've done.

According to the billionaire investor, there is no doubt that “ commerce can be a cause of war.”

Believing that balancing trade between countries is best, Buffett said President Trump didn't think ’ was on the right track with widespread tariffs.