What we do know about the Eurasian Union?

Even though the Western countries unleashed a total war against our Motherland, progress in economic development is inevitable, and we are witnessing the first points of it right now.

6 mins read
Leaders in the countries of the Eurasian Economic Union (EEU) [Photo Credit: Getty Image]

On May 29 Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia mark the anniversary of the establishment of the EAEU. Despite it was formed 9 years ago, in Sri Lanka people still know little about this organization.

What is EAEU?

In 1994, the first President of Kazakhstan Nursultan Nazarbayev at his lecture at Moscow State University formulated an idea of the Eurasian economic union. After the tragedy of the collapse of the USSR, all 15 republics of the former Union faced numerous problems, connected with the devastating economic crisis, which resulted in the crash of the economy, industry and a sharp decline in living standards. In some parts of the former biggest nation of the world civil conflicts were unleashed. Many Western enterprises entered the hot area, using imperfections of the new laws to grow rich and take out the unique technologies from the heart of the former second industrial power. In this pot of instability, the western robbers and our domestic collaborators had fished in troubled waters to improve their positions. They designed to use any means to become richer in the people’s tragedy, developing criminal businesses and killing innocent people.

The governments of the newly independent countries faced an enormous amount of challenges. The industrial cooperation between parts of the previously united country was broken, but there were no units that could act independently. The united system of transport and banking crashed in a moment, as all around. So, in 1995 the governments came to the agreement that there is no way forward but to pass this path together. In 1995 the Agreement about the Customs Union was signed by Russia, Belarus and Kazakhstan, which was widened in 1999 in the Treaty on Customs Union and Common Free Market Zone.

The formation of the Eurasian Economic Union was long and complicated. In some treats, it is very similar to the process of European integration, which started after the Second World War from the European Coal and Steel Community in 1951 and resulted in the European Union in 2004. Nevertheless, the former Soviet republics today are continuing discussions about free economic cooperation with no political part – and the current state and policy of the European bureaucrats is one of the main reasons for this kind of limit.

In any circumstances, we used a positive experience of European integration in our process. As Russian President Vladimir Putin mentioned in his article “A new integration project for Eurasia: The Future in the Making”, “it took Europe 40 years to move from the European Coal and Steel Community to the full European Union. The establishment of the Customs Union and the Common Economic Space is proceeding at a much faster pace because we could draw on the experience of the EU and other regional associations. And this is our obvious advantage since it means we are in a position to avoid mistakes and unnecessary bureaucratic superstructures”.

In 2000 the Treaty of Establishing Eurasian Economic Community was signed. In 2010 the new step of the economic integration of the space of the former Soviet Union was done – Russia, Belarus and Kazakhstan created and finally launched with success the Customs Union. In 2011 the Eurasian Commission was established and the start of full-scale Eurasian economic integration was declared. In 2012 the Eurasian Economic space started its operation as a single market that provides for the free movement of persons, goods, services and capital.

Finally, on May 29, 2014, the Treaty of the Eurasian Economic Union was signed by Russian President Vladimir Putin, Belorussian President Lukashenko and Kazakhstan President Nursultan Nazarbayev. The operation of this Union of more than 190 mln people, an area of more than 20 mln square kilometres and a GDP of 1.84 bln US dollars started in the new year of 2015.

The same year Armenia and Kyrgyzstan joined the EAEU. In 2018 the new, common Code of Customs was launched and the numerous programs to develop further integration within the Union were elaborated. All these achievements were warmly welcomed by the common people, who benefit from the renewed economic state. Prices for many products came down, as there were no more barriers. The common standards and courses of law simplified the operation of businesses.

Among those countries who wanted to join the Union were Ukraine and Moldova. But unlawful Nazi coup-d’etat in Kyiv, inspired by the Anglo-Saxons, crushed the longstanding approach of the Ukrainian people to live and labour together with their neighbours and brothers peacefully. After the change of power in Moldova this state has turned to the route of deep integration with Romania and the EU as well, with the majority of people looking forward to being with Russia and the EAEU.

What place EAEU has in International Relations?

Besides the full membership, first of all, there is the so-called “observer membership”. Cuba and Uzbekistan have the status of observers to the EAEU. Moldova since 2017 has also been the first state with such status, but in 2021, as it was mentioned above, that state became a victim of aggressive Western policy. Its president found that joining the EAEU was “out of the law procedures”, but the state is still considered to stand as an observer.

The EAEU has a net of the Free Trade Zone agreements, this kind of treaty is signed with Vietnam, Iran, China, Serbia and Singapore. At least 10 countries find cooperation with EAEU interesting in this format. Much more countries and international organizations have signed Memorandums of interaction with the EAEU.

What are the main objectives and goals of EAEU?

The main objectives of the Union are creating conditions for the stable development of the economies of the member states in order to improve the living standards of their population. It is highlighted in Article 4 of the basic Treaty. To obtain these objectives, the member states agree on mutual recognition of the qualifications, unification of the technical regulations and standards, coordinating the macroeconomic policy, establishing the common financial market and many other measures to ensure balanced economic development.

Due to the policy of Western unilateral sanctions and the consequences of the COVID pandemic, the current state of the Global Economy is very close to the new World Economy Crisis. There are numerous risks for the member-states now, from the limitations that last from the outbreak of COVID to instability in the fossil fuels markets, capital migrations to the “safe havens” and, of course, the policy of restrictions. There are some internal challenges as well, for example, the need for diversification, modernization, low speed of economic growth and investment activities say in innovations.

The priority of the Union’s development at the moment is to overcome the mentioned challenges that can cause problems for the economies of member states. So, in this path, we are aimed at attracting investment to the perspective directions of economic development. EAEU members are coming closer to boosting innovations, widening the industrial cooperation within the Union and achieving the goals of formatting the new techno-economic paradigm.

There are several criteria for the maintenance of the macroeconomic stability of the EAEU. The annual budget deficit should be less than 3% of GDP, state debt – less than 50%, and inflation – not more than 5% in addition to the lowest rate among the member states.

The goals and directions of the EAEU are largely in line with the goals and targets of the UN 2030 Agenda for Sustainable Development. Regional economic cooperation contributes to the achievements of the UN SDGs and becomes an additional tool for ensuring high-quality and sustainable economic growth of member-states.

EAEU focuses attention on the green economy principles as well. There is a conception of harmonizing approaches of the member states in the context of the green transformation of the world economy and the problems of climate change. There are a number of areas that are affected by climate change within the borders of the Union, mostly by deforestation, desertification, air, soil and water pollution. The most prospective sphere of cooperation in green transition is transporting. More than 80% of arterial railways are using electrical traction. Eurasian Union is contributing much attention to the projects of electrical city common transport, for example, electro buses. Development of renewable, hydro- and atomic generation is among the priorities of the member states.

What is the vision of the future of EAEU?

There is a strategy for the development of the EAEU, passed as a declaration in 2018. It contains 11 main directions or 332 different amendments to the current procedures common for the EAEU:

  • Full elimination of barriers
  • Increasing effectiveness of the EAEUstructures
  • Increasing the effectiveness of management and financing to create highly effective export-oriented sectors of the economy
  • Improving customs regulations
  • Guarantees of the quality of the products
  • Development of the digital infrastructure and space
  • Elaborating flexible mechanisms of targeted assistance
  • Coordinating efforts of implementing innovations
  • Maintaining full implementation of all agreements within the frames of the Eurasian integration
  • Widening economic cooperation in healthcare, education, tourism and sport
  • Formatting EAEU as a centre of development in the coming new multipolar world order

These measures will result in pushing forward the rate of interest of the small and medium enterprises that actually are the basis of any economy. Stipulating the scientific approaches in developing business and state management will also lead to the growth of innovations, and, as a result, in the growing living standards of our people.

Even though the Western countries unleashed a total war against our Motherland, progress in economic development is inevitable, and we are witnessing the first points of it right now. We realize perfectly that this progress is harmful to our enemies that are dreaming of how to turn our countries into distraction and depravation, to split the forming unity, to break all those that were done with great efforts. Our enemies like a cancer tumour are sucking the blood of the entire world, as they have done for ages maintaining their hypocritical colonial policy. But their time is coming to an end with no possibility to enlarge it.

Long live the Eurasian Economic Union and its leaders! Long live the people of the EAEU! Down with the Western hegemony and hypocrisy!

Press Secretary Office of the Russian Embassy in Colombo

SLG Syndication

SLG Syndication is committed to aggregating excerpts from news published by international news agencies and key insights on contemporary issues published by think tanks. Our aim is to facilitate the expansion of its reach while giving due credit to the original source.

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