At the EAEU summit the integration prospects were indicated

The meeting of the Supreme Eurasian Economic Council in Sochi confirmed the importance of the EAEU not only for Russia, but also for all countries included in this association, RISS expert Vyacheslav Kholodkov said.

He pointed out that summit was held in unfavorable economic conditions. “There is a prolonged economic blockade against Russia carried out by Western countries. The West introduces and toughens anti-Russian sanctions and expands the sanctions lists. In such circumstances, Russia has to seek new trade markets. The EAEU is the most natural way of development in such a situation.”

According to analyst, the participation of the new Prime Minister of Armenia Nikol Pashinyan at the summit also drew the experts’ attention. “Armenia is a reliable member of this association regardless of its domestic political events. The President of the Republic of Moldova Igor Dodon also took part at the meeting. There was approved the regulation on the observer status of the country. Moldova has become the first country to receive this status that indicates that the EAEU has the expansion prospects,” RISS economist added.

“Specific areas of economic integration and movement towards a common market were discussed at the meeting. The participants made a decision to develop digitalization, as well as the gradual elimination of restrictions on the free movement of goods and services. There are 60 issues upon which no agreement has yet been reached; 13 issues were resolved last year, now it is planned to solve the other ten issues. Such hard work leads the association to the ultimate goal that is to create a common market of goods, services, capital, and labor,” the analyst said.

EAEU economics