In order to further advance integration inside the Eurasian Economic Union it is necessary to give more power to supranational bodies, primarily the Eurasian Economic Commission. The opinion was voiced by Dmitry Pankin, Chairman of the Board of the Eurasian Development Bank (EDB), during the 12th international conference Eurasian Development on 31 October, BelTA has learned.
Dmitry Pankin said: “The extent of authority of supranational institutions is the key issue. At present the Eurasian Economic Commission lacks sufficient power to implement all the norms. In order to get this power, it needs to take it from the national governments. But are our countries ready for it? I see it as a matter of reloading: if we want to move forward and are serious about our integration project, we should think about handing over more power to the Eurasian Economic Commission and about revising its functions.”
Chairman of the Board of the Eurasian Economic Commission (EEC) Tigran Sargsyan spoke in detail about the reasons why the Commission needs more power. “We have created a supranational body because we are following the way of global integration. This body should reflect interests of all the member states and has the right to set tariffs binding upon everyone. It means that technical regulations should be universal, too, as well as phytosanitary requirements, veterinary oversight, and quarantine measures. We are working on all of those although not very fast. But we have no authority as far as enforcement is concerned. It is obvious in conflicts between countries, which disagree over various norms in the context of law enforcement practice. We can only monitor things and give recommendations,” explained Tigran Sargsyan.
The Eurasian Development Bank (EDB) is an international financial organization. It was established by Russia and Kazakhstan in January 2016 with a view to contributing to the development of the market economies of the participating states, to their sustainable economic growth, and the expansion of mutual trade and economic ties. The EDB member states are Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan.
Since 2008 the EDB has organized the international conference Eurasian Conference every year. The conference is now known as an effective platform for discussions, sharing information and exchanging opinions among representatives of financial institutions, government agencies, and commercial entities. The discussion-driven nature of the conference and the recommendations the discussions produce contribute to forming new approaches to the EDB's investment policy and to the development of constructive proposals to developing the Eurasian Economic Union.