Eurasian Economic Union
The Eurasian Economic Union (EAEU) is an international organization for regional economic cooperation. The aim of the EAEU is to ensure four free movements: free movement of goods, free movement of capital, free movement of labor, and free movement of services – among its members.
The goals of the EUAE are:
- Comprehensively upgrade national economies;
- Increase their competitiveness;
- Raise the cooperation between economies of Member-States;
- Promote stable development of national economies;
- Increase the living standards of the population of the EAEU.
The Eurasian Economic Union was established in 2014 by the Treaty, which came into force in 2015. The EAEU has become a successor to the previously created the Eurasian Economic Community (EvrAsEs).
The governance of the Union consists of several bodies: the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council, the Eurasian Economic Commission, and the Court of the Eurasian Economic Union. The first two include official representatives of Member-States (heads of states and heads of governments respectively), while the Commission is a permanent supranational body of the EAEU.
Nowadays the Eurasian Economic Union consists of five Member-States: the Russian Federation, the Republic of Belarus, the Republic of Armenia, the Republic of Kazakhstan, and the Kyrgyz Republic. There are also countries, which have an Observer state status. They are Moldova, Uzbekistan, and Cuba.
The attractiveness of this Union is confirmed by the number of trade agreements it has with third countries. To date, the EAEU signed agreements with Serbia, China, Vietnam, Singapore, and Iran (temporary agreement). Moreover, currently, it is working on such agreements with Egypt, UAE, Indonesia, Israel, and India.
- The common GDP of the EAEU Member-States amounted to 3,2% of the world Gross Domestic Product. At the same time, in 2021 the industrial production of the Members of the Union increased by 5% in comparison to 2020. While the volume of the Union’s export compiled 2,7% of the world’s external trade.
- 2,4% of the world population lives in Member-States of the EAEU and 2,7% of the world’s economically active population. While the unemployment rate is under the world average level and EU level.
- Member-States of the Union produce 14,5% world oil and 20,3% world gas. They manufacture 4,3% of world steel and 4,2% of world cast iron.
- 84,9% of the EAEU population has Internet access.
According to the Strategic Directions for Developing the Eurasian Economic Integration until 2025, the EAEU should achieve the following by 2025:
- complete the formation of a common market for goods, services, capital, and labor;
- improve the efficiency of regulation of the common market of the EEC;
- transfer to a qualitatively higher level of customs regulation and administration;
- ensure the quality and safety of goods;
- form the EAEU digital space;
- create mechanisms for targeted assistance to economic development;
- build a management system for joint cooperative projects, and development of high-performance sectors;
- stimulate scientific and technological progress;
- improve the efficiency of the EAEU institutions;
- deploy cooperation mechanisms in the field of education, health, tourism, and sports;
- form the EAEU as one of the most significant centers of development in the modern world.