EEU countries expanding relations

The Supreme Eurasian Economic Council took place in Nur-Sultan in honor of the fifth anniversary of the EAEU. According to the participants, the forum had a great success, and all the agreements reached by collective bargaining will keep being used in the future. "The Union itself is strengthened by previous economic and political ties due to the previous economic activities of different republics. Economic ties are very sustainable," RISS expert Mikhail Belyaev said.

According to RISS expert, intensification of activities within the EAEU is due to several factors. Firstly, domestic turnover gives a very good increase in mutual trade and accelerates the economic growth of the EEU countries. Secondly, unilateral US sanctions made EEU countries conduct economic policy in safe zones. Thirdly, economic growth is moving to South-East Asia. It is more convenient for Russia and all the nearest countries to be consolidated to represent joint interests in the market, which is gaining strength. This is confirmed by the signed agreements on free trade zones between the EAEU and Egypt, Singapore, India.

Further development of the idea of unification is a move towards the settlement of customs issues. Amendments to the Customs Code adopted during the summit may help eliminate various economic barriers and liberalize trade within the Customs Union. The next step is to transform this Union into a single trade and economic zone. "Summit participanrs also discussed strengthening of control over the flow of goods coming from outside. This will allow to provide trade insurance against external shocks to some extent," M.Belyaev believes.

The next important point discussed at the summit is a single electricity supply to all EEU countries. Energy provides the economic stability. It also may become the basis for the formation of a single economic space. RISS expert recalled that the digital economy is directly integrated with the energy supply. It will determine the socio-economic development both in the coming years and in the future.

summit EEU