MOSCOW, 28 May (BelTA) - Integration in the Eurasian Economic Union has proved effective, Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich said in his a message of greetings on the occasion of the 7th anniversary of the EAEU Treaty, BelTA has learned.
“The Eurasian Economic Union Treaty was signed seven years ago, on 29 May 2014,” Mikhail Myasnikovich said. "This is a fundamental document that marked the beginning of comprehensive integration across a wide range of economic issues. Thanks to the consistent work to implement the provisions of the treaty, the EAEU now operates a single market of goods for more than 180 million consumers from Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The EAEU has made great progress in developing the services market, which already covers 53 sectors. We have adopted the uniform Customs Code and the pharmacopoeia. The union has ensured freedom of movement and social guarantees for workers. In January 2021 the pension agreement came into force. The union has enforced 49 technical regulations and more than 12,000 international standards. About 85% of the goods are now certified according to the same technical standards."
Integration in the EAEU has proved effective. During the first five years of operation, the GDP of the Eurasian Economic Union increased by 21%, reaching almost $2 trillion by the end of 2019. Industrial production surged by 13.2%, including manufacturing - by almost 15%. These figures are higher than in other integration associations, such as the European Union. The volume of mutual trade in the EAEU states went up by 27.7% during the same period," Mikhail Myasnikovich stressed.
The Eurasian Economic Union has become an integral part of international economic relations. By early 2021, the Eurasian Economic Commission had concluded 14 memorandums of cooperation or understanding with the governments of third countries, and also nine memorandums with regional integration groups. Three states (Moldova, Cuba, and Uzbekistan) received observer status with the Eurasian Economic Union. The EAEU signed trade agreements with five countries (Vietnam, Iran, China, Singapore, and Serbia).
The key recent event was the approval of strategic guidelines for the development of Eurasian economic integration till 2025 by the EAEU heads of state in December 2020. The strategy expands the horizons of the EAEU Treaty and marks the pivot towards project integration. “Today in order to speed up economic growth in the EAEU we need an accelerated increase of investment and innovation activities based on the effective use of production facilities, human resources and scientific and technical potential.
Integration should work in the interests of the citizens of our countries and make the life in the union comfortable. This is why the Strategy 2025 includes new areas of economic cooperation in the EAEU such as education and science, tourism, sports and healthcare,” the head of the EAEU Board said.
“I am confident that only together we will be able to overcome the consequences of the pandemic and fully realize the potential of the strategic guidelines. This will help us reach higher rates of economic growth, achieve a balance of national and EAEU goals, strengthen the position of the EAEU and its member states in the international arena,” Mikhail Myasnikovich said.
