Русский
Bakytzhan Sagintayev, the Chairman of the Board of the Eurasian Economic Commission (EEC) and President of Russia Vladimir Putin met during negotiations on March 19 in Moscow. The EEC is the regulatory body for the Eurasian Economic Union (EAEU) which includes Russia along with Armenia, Belarus, Kazakhstan, and Kyrgyzstan. It fits the geographic space between Eastern Europe and Western China and is a vital conduit for Europe-Asian trade. Sagintayev and Putin discussed a number of issues on the Eurasian integration agenda.
Sagintayev reported on the key achievements of the EAEU over the past ten years. It was noted that mutual trade between the member states almost doubled, and foreign trade increased by 60%. The Eurasian Economic Union’s GDP increased by 3.8% over the past year alone, reaching US$2.4 trillion. Most macroeconomic indicators show growth.
The parties discussed the main tasks of the Commission’s future activities. One of the priorities will be the implementation of a new strategic document for the medium-term (until 2030) and long-term (until 2045) development of the Eurasian Economic Union – “The Eurasian Economic Path Declaration.” Sagintayev announced the start of negotiations with the EAEU states to discuss plans for the implementation of strategic initiatives.
Among the important prospects for the development of the EAEU and the work of the Commission is the digitalisation of the economy. The parties are unanimous that digital technologies and the implementation of relevant reforms will help to qualitatively change the economic situation. Other key areas include the development of cooperation ties and the formation of regional value chains, improvement of transport infrastructure and logistics, and the creation of a unified effective risk management system in terms of customs control.
During the meeting, a detailed exchange of views also took place on the issue of developing cooperation between the Eurasian “five” and third countries and strengthening the position of the EAEU in the international arena. The EAEU already has Free Trade Agreements with Iran, Serbia, and Vietnam and a flexible deal with China. Others are pending, including with India and the ASEAN nations.
The EAEU priority is the development of interaction with leading regional associations the SCO, ASEAN, the African Union, BRICS, the Pacific Alliance, the Andean Community, relevant UN structures and the Organisation itself, as well as with countries such as China, Iran, Vietnam, Serbia, Indonesia, Saudi Arabia, Egypt, and the UAE amongst others.
In 2024, the Eurasian Economic Union celebrates its tenth anniversary. A tenth anniversary EAEU summit will be held on May 8 in Moscow. Who attends from non-members and existing trade partners will provide clues as to additional potential future Free Trade Agreements with the EAEU nations.
