Eurasian Economic Union today (by Ambassador Yakovenko for RT)
Though hardly noticeable in the Western media, the Eurasian economic cooperation is booming, with the Eurasian Economic Union (EAEU) becoming an increasingly effective integration project. The unique format of enhanced economic coordination along with the EAEU member states’ retained political sovereignty and cultural identity is proving itself.
The EAEU is constantly moving ahead in terms of shaping its regulatory framework, creating genuinely sustainable integration structure as well as space based on principles of free movement of goods, services, labor, and capital. Among the achievements of the current year are the launch of the common markets of medicines and medical products, signing of the Treaty on the Customs Code of the EAEU (will enter into force on January 1, 2018), as well as further significant steps towards the ambitious goals of forming coordinated policy in the field of transport, establishment of the common energy market and common financial market (including the proposed creation of the EAEU Financial Regulator), shaping the digital agenda of the Union etc.
The recent years have been marked by the growing enthusiasm from some countries and organizations all over the world to establish and deepen relations with the EAEU. This trend has been embodied in different ways: conclusion of free trade agreements (for example, with Vietnam), signing of memorandums of cooperation, pursuing the granting of the observer country status (with the Republic of Moldova), elaboration of applied agreements in terms of trade regulation, customs issues etc. (with China), ongoing institutionalization of the cooperation with other leading regional integration organizations (ASEAN). Among the international organizations carrying on a dialogue with the Eurasian Economic Commission are UNCTAD, UNIDO, FAO, SCO, OECD, IMF and others. Whatever the content, the tendency is clear: the Eurasian Economic Union has become an established multinational organization, beneficial for all its member states and recognized by many foreign partners.