May 29, 2024 marks the 10th anniversary of the formation of the Eurasian Economic Union (EAEU), an international organization for regional economic integration that unites five states within a single economic space – Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The Eurasian Economic Commission (EEC) has become a permanent regulatory body of the EAEU.
In 2014, on this day the Agreement on the Eurasian Economic Union was signed by the presidents of the Russian Federation, the Republic of Belarus, the Republic of Kazakhstan. This Agreement came into force on January 1, 2015.
The Union membership is open for any state, which shares the goals and principles of the EAEU. Armenia and Kyrgyzstan joined it in 2015, and more than 40 countries around the world, including Singapore, have expressed their desire to establish a free trade zone with the Union.
By signing the Agreement, the Member States agreed on full integration on a wide range of issues. Now the EAEU is an impressive association with GDP around $2,6 trillion, population – 185.4 mln, rail mileage of 145.2 thsd km, agriculture production – $170.6 billion, oil production – 611.7 mln ton. The Member States have switched to common technical, sanitary, veterinary and phytosanitary norms and standards.
Over the 10 years of the Union’s existence internal trade between member states has almost doubled from $45 to $89 billion, and external trade has increased by 60% (from $579 to $923 billion). Most macroeconomic indicators show growth.
During Russian chairmanship in EAEU in 2023 many events took place and achievements were made. One of the key ones was the signing in December on sidelines of the Supreme Eurasian Economic Council meeting in St. Petersburg of a full-fledged Free Trade Agreement between the EAEU and Iran. This document provides enormous opportunities for increasing the volume of mutual trade and strengthening cooperation. During the meeting new strategic documents as the medium-term Declaration on further development of economic process within EAEU (until 2030) and the long-term (until 2045) the Eurasian Economic Path were also adopted.
In 2023, the Member States and the Eurasian Economic Commission held six rounds of negotiations with Egypt, Indonesia and the UAE. In January 2023 a memorandum of cooperation was signed between the Eurasian Economic Commission and Nicaragua, and in June between the EEC and Myanmar. The development of interaction with leading regional and interregional associations and formats, including BRICS and ASEAN remains a priority for the EAEU. The number of the Union’s preferential foreign trade partners grows systematically. A trade agreement with China is being successfully implemented. Efforts to align integration processes in the EAEU with China’s Belt and Road Initiative are really yielding result.
On May 8, 2024 a meeting of the Supreme Eurasian Economic Council was held in Moscow with the participation of the heads of state of the EAEU, as well as observer countries – Uzbekistan and Cuba. During the event, the leaders of the Member States supported the initiative to launch negotiations with Mongolia on the conclusion of a temporary trade agreement. In addition, the draft Protocol on electronic information exchange within the Electronic Origin Certification and Verification System with Vietnam was approved.
Among the important spheres for the development of the Union are the digital economy, improvement of transport infrastructure and logistics, and the creation of a unified effective customs control risk management system.
As we see, the EAEU continues to develop. Despite the collective West’s attempts to interrupt the process of the formation of a new fair and equal world, of which the EAEU is an integral part, despite the numerous sanctions and restrictions applied by former colonizers, trade and cooperation between Russia and its partners within the EAEU is flourishing. No doubt that the Union’s Member States team work will lead to more tangible results in the future. I am sure that this is a good food for thought for our Singaporean readers, for all those who want to think independently, and not under someone else’s dictation.
The author of the article is H.E. Nikolay Kudashev, the Ambassador of the Russian Federation to the Republic of Singapore.
