Meeting of the Eurasian Economic Union Council

29.05.2019

On Wednesday, the EAEU summit opens in the capital of Kazakhstan. Russian President Vladimir Putin and the heads of other member countries: Kazakhstan, Armenia, Belarus and Kyrgyzstan have already arrived in the Palace of Independence, where the meeting will be held. The meeting is dedicated to the five-year anniversary of signing the Treaty on the Eurasian Economic Union and the 25th anniversary of the very idea of ​​Eurasian integration.

Agenda

According to local sources, on the agenda are issues of integration, international economic cooperation, trade, customs regulation, competition, as well as digitalization of the economies of the states belonging to the EAEU. Questions on the main directions of macroeconomic policies of countries for the next 2 seasons will be resolved. It is also planned to adopt a joint agreement on the formation of a common electricity market of the Union and to sign a number of documents on the liberalization of the markets for goods and services.

Background

The EAEU is an international integration economic association created to strengthen the economies of the countries participating in the council and to bring these countries closer together, jointly improve their competitiveness in the global market. Initially, the integration agreement was drawn up on the basis of the Customs Union, and in 1995 it was signed by 3 countries - Russia, Belarus and Kazakhstan. Subsequently, the union will include Armenia and Kyrgyzstan.

In its present form, the Eurasian Economic Union appeared to the world in 2014. It is a slightly improved former Customs Union, it is distinguished by closer economic ties between member states, freer terms of trade, and competition in the markets for goods and services.

EAEU is alternative based on multipolar approach and decision making through concensus despite unipolar US-led globalization and dictatorship of European Comission in the EU.

Over 5 years of work, the states that are members of the EAEU have achieved tangible results of economic cooperation. The macroeconomic effect of integration is created largely due to increased competition in the markets due to the entry of new countries, lower prices for products and, as a consequence, an increase in the welfare of the peoples of the EEU countries (by reducing the costs of exporting products or raw materials). The latter also leads to an increase in the level of wages of citizens and an increase in production by increasing the demand for goods.