May 29, 2023 marks the 9th anniversary of signing Treaty on the Eurasian Economic Union (EAEU). It laid foundation for realization of the modern model of profound and multifaceted economic partnership at the post-Soviet space and marked transition to a completely new level of the Eurasian integration.
The development of the above integration process was facilitated by the global trend towards the regionalization of the global economy and the desire of the states of the Eurasian region to provide comfortable and mutually beneficial conditions for the convergence of national economies, deepening cooperation and eliminating trade barriers.
In the current conditions, characterized by political and economic instability, slowdown of global economic growth, volatility in financial and commodity markets, fragmentation of the global economy, due to various unilateral restrictive measures that are contrary to both international law and the rules of fair competition, regional integration becomes even more relevant and significant.
In accordance with the Treaty on the EAEU, the main task of the functioning of the Union is improvement of welfare of its member states’ citizens. To this end, Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan are actively working to form a common market of the Union, which is designed to ensure the freedom of movement of goods, services, capital and labour. Today, the EAEU numbers more than 184.3 million consumers. The total GDP of the member states of the EAEU is over 2 trillion US dollars.
The Union was created on the basis of the experience accumulated by the member states within the framework of the CIS, the Eurasian Economic Community, the Customs Union and the Common Economic Space. Moreover, the best world practices and advanced international experience were also taken into account. In particular, the norms, rules and principles of the WTO were considered in the development stage of the Treaty on the EAEU and are taken as the basis for the preparation of agreements on preferential and non-preferential trade of the Union with the third countries.
In accordance with the logic of building regional economic associations, the formation of the EAEU took place in stages: a free trade zone – a customs union – an economic union. The current integration format has been successfully developing since January 1, 2015.
On January 1, 2023, the functions of the state chairman in the bodies of the EAEU – the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council and the Council of the Eurasian Economic Commission were transferred to the Russian Federation. Priorities of the Russian chairmanship were outlined in the message of the President of the Russian Federation Vladimir Putin to the heads of the member states of the Union. Those include ensuring energy and food security as well as technological independence of key sectors of the economy, accelerating digital transformation, creation of a common financial market, removing regulatory and trade barriers, development of transport infrastructure, climate agenda, building up scientific and youth exchanges.
A special attention was paid to launching the process of preparing new long-term planning documents that will determine the main vectors of integration for the period up to 2030 and 2045.
The program of events of the Russian EAEU chairmanship includes meetings of the governing bodies of the EAEU, conferences and round tables dedicated to various aspects of the development of cooperation within the Union. Thus, in conjunction with the meeting of the Supreme Eurasian Economic Council (May 24-25, 2023, Moscow), the Second Eurasian Economic Forum was held with the participation of the heads of the EAEU member states. On the sidelines of the Eurasian Intergovernmental Council and the Council of CIS Heads of Government on June 7-9, 2023, the city of Sochi, Russia, will host the III Eurasian Congress, the II Youth Forum of the CIS and the EAEU as well as the international exhibition of cooperation projects “Eurasia is our home”.
The development of the broader international agenda of the EAEU as well as the active promotion of the Union not only on the internal but also on the external arena remains among its unconditional priorities. The Union is aimed at building mutually beneficial and equal cooperation of the member states with foreign partners and international associations, expanding and deepening ties with Africa, Asia-Pacific region, the Middle East and Latin America. Such an expansion of the geography of international cooperation of the EAEU will definitely contribute to the joint solution of the problems of food and energy security, the construction of new value chains and the creation of new transport and logistics routes.
Alexander Komissarov is Counselor of the Embassy of the Russian Federation in Ethiopia
