A Guide to the Eurasian Economic Union
What is the Eurasian Economic Union?
The Eurasian Economic Union (EAEU) is an international economic integration, endowed with international competence, based on the Treaty on the Eurasian Economic Union, which was signed in 2014.
Which countries make up the Eurasian Economic Union?
Russia, Kazakhstan, and Belarus created the Eurasian Economic Union. Armenia and Kyrgyzstan were later admitted to the Union.
What are the Eurasian Economic Union’s governing bodies?
Supranational and intergovernmental structures are used to run the Union. The Union’s top body is the Supreme Eurasian Economic Council, which is made up of the heads of the Union’s member states. The Eurasian International Council represents the second level of intergovernmental institutions (consisting of the Heads of the governments of member states). The Eurasian Economic Commission, the Union’s executive body, oversees the EAEU’s daily operations. There is also a judicial entity, the EAEU Court.
What is the Eurasian Economic Union’s goal?
The Eurasian Economic Union was established with the goal of fostering multilateral modernization of national economies, cooperation, increased competitiveness, and stable development in order to raise the living standards of the member nations’ populations.
The establishment of a single market and the achievement of the “four freedoms” meaning the free movement of commodities, capital, services, and people inside the single market, are the primary goals of the Single Economic Space. The EAEU promotes free movement of goods and services and establishes common policies in the areas of macroeconomics, transportation, industry and agriculture, energy, foreign trade and investment, customs, technical, competition, and antitrust regulation. In the future, provisions for a unified currency and more integration are expected.
An interim agreement on a free trade zone between the EAEU and Iran was signed on May 17, 2018, and entered into force on October 27, 2019. In 2020, trade between the EAEU countries and Iran grew by 18.5% compared to 2019, reaching $2.9 billion. In October of 2021 Iran and the Eurasian Economic Union (EAEU) have begun to negotiate a permanent agreement on a free trade zone.
What is the Eurasian Economic Union’s population?
The Eurasian Economic Union has a population of 184 million people, 93.6 million of whom are economically active. The unemployment rate is 4.8 percent.
What are the EAEU’s economic indicators for 2020?
Indicators of the Economy in General
- The EAEU’s Gross Domestic Product: $1,738 trillion USD.
- Volume of EAEU External Trade with Third Countries: 731.1 billion USD
- Industrial Production: 97.6%
- Agriculture Production: 114,5 billion USD
- Gross Production of Grain and Leguminous Crops: 164,5 million tons
- Milk Production: 48,8 million tons
- Rail Mileage: 145,5 thousand km
- Stretch of Road: 1,759,9 thousand km
- Proportion of the Population Having internet Access: 83,7% of the population
- Steel Production: 84,3 million tons
- Mineral Fertilizers Production: 17 million tons
- Cast Iron Production: 55,2 million tons
- Oil Production: 599,7 million tons
- Gas Production: 749,9 million cubic meters
- Power Generation: 1 256,3 million KW/H