We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Does the EAEU Have a Future?

13 0 0
26.05.2019

On 29 May Nur-Sultan, the capital of Kazakhstan, will host leaders of the Eurasian Economic Union (EAEU) at a summit to mark the 5th anniversary of this organization. The fact that this meeting will take place in the capital of Kazakhstan is quite symbolic, as the treaty to establish this union was signed in this very city.

The Eurasian Economic Union (EEU/EAEU) is an international organization aimed at regional integration, which was established on signing the Treaty on the Union. It guarantees freedom of movement for goods, services, capital and workers, and promotes the use of aligned and coordinated economic policies. The Eurasian Economic Commission (EEC) is a permanent supranational regulatory body whose purpose is to ensure favorable conditions for the EAEU, the Eurasian Customs Union and the Eurasian Single Economic Space to operate and develop in, and to generate proposals aimed at integrating countries within these organizations.

Member States of the EAEU include Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. On 14 May 2018, Moldova became an observer member of the EAEU. And approximately 50 nations have expressed their willingness to cooperate with the Eurasian Economic Union.

It is well known that Russia accounts for 88% of the Eurasian market (comprised of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan). Access to the Russian market is a key draw for EAEU partners. Undoubtedly, Russia’s role within this organization is crucial, as the nation was the backbone of the Soviet Union and still remains a vital support structure in the region.

However, it is not without reason that Russia refuses to follow in U.S. footsteps, as it does not wish to........

© New Eastern Outlook