Despite the pandemic and the associated economic downturn, the Eurasian Economic Union in 2021 demonstrated its importance during the crisis period and received a new vector of development.
According to the Eurasian Economic Commission, by the end of the outgoing year, the Union's GDP reached the level of 2019. An increase in the volume of mutual trade has been recorded. Exports from Armenia to the EAEU countries increased by 27.8%. Foreign trade turnover in January-September 2021 compared to the same period in 2020 increased by 12.8%. Exports to the Russian Federation increased by 27.4%, to Belarus - by 19.2%, to Kazakhstan - by 89.5%, and to Kyrgyzstan - by 48.0%.
At the beginning of the year, the strategy for the development of Eurasian integration until 2025 was published, approved by the heads of the EAEU states in December 2020. The document was conceptual in nature, nevertheless, a number of points contained revolutionary potential. If the strategy is implemented, then in 5 years the EAEU will go far beyond the economic union.
Today, the share of national currencies of the Union countries in their settlements with external counterparties is small, although the volume of dollar transactions is gradually decreasing. In settlements within the union, the situation is better: almost three quarters of mutual trade is provided in national currencies. However, the increased importance of national currencies is an important condition for the development of the region, according to the Eurasian Development Bank (EDB). The bank's analysts presented the report “Enhancing the role of the EAEU national currencies in international settlements”, in which they spoke about the prerequisites for the growth of their use and the measures that should be taken to ensure it.
The formation of a common financial market is one of the priorities of the strategic development of the EAEU until 2025, which will give market entities the opportunity to simplify and non-discriminatory access to the financial markets of other countries that are members of the Union.
At the end of April, the Eurasian Economic Commission submitted a draft Agreement on the EAEU Common Gas Market for approval. In accordance with the plans for the formation of common energy markets of the union, the Agreement on a common market for oil and oil products should be signed by 2023. However, given the sensitivity of the issue of energy prices, this task will not be easy.
In the future, the creation of a
... keep reading on reddit ➡
I find it so sad (because we are doing all the work after being forced into the union) and proud( this shows how our small country has so much potential and network) that Armenia is bringing so much into this Union. Iran Singapore and Vietnam were all there in Armenia for this meeting because of pashinyans hard work to attract them. What have the other countries done? Besides try to block our role as the union head for the next couple of years. I’m being serious what does this union besides our own work actually help with? They announced goods from non union nations like China and S Korea would get more expensive( cars appliances cheap products). How does that benefit? I didn’t know Russian cars were superior to S Korean and japanese?
https://en.wikipedia.org/wiki/Eurasian_Economic_Union#Enlargement
https://en.wikipedia.org/wiki/Accession_of_Turkey_to_the_European_Union
So, it's not just the perception that the EU is dragging their feet on admitting Turkey, but also Turkey has backslid on the Human Rights and Democracy angle that the EU wants to enshrine right? So Turkey is partly to blame at its own slow process suspension of accession. Also in conjunction with things like the F-35/S-400 controversy, Syria and Iran and other geopolitical aspects that have shoved a wedge between Turkey and the West.
But to the North we see also Ukraine, which was split in two by the pro-EU and Pro-Russia factions. I do not think Turkey would get split in half the same way, I think that eventually Turkish leaders could see the EAEU as either a stick to shake at the EU to hurry things up (or even drop the requirements holding it back?) or as an actual path forward to some prosperity (if the EU is just going to tease them forever).
I think I understand in general that being part of the EU would be better for Turkish economically and the EAEU would be a step below that. I think that the EAEU would be more welcoming to Turkey despite its leaders authoritarian tendencies though.
Is this a realistic scenario, that Turkey gives up on being part of the EU and joins the EAEU to spite the West, get at least some trade deals working out?
How would it affect the Chinese Belt-and-Road Initiative if Turkey takes a more Asian-centered trade approach? Would it be a boost to the B&R or is there some downside I'm not seeing?
April 2026
A free trade agreement between India and Russia has long been a strategic goal for the two countries, but trade flows between them have been complicated by the large geographic distance that separates them. With progress finally being made on the International North-South Transport Corridor due to negotiations with Iran and the United States, India believes it to be imperative that a new, official framework is established for trade between India and its long-time geopolitical ally, allowing bilateral trade between the countries to increase dramatically.
Like the existing FTAs with CANZUK and the United States, the EAEU-SACM would streamline investment in both market blocs, allowing for SACM firms to invest in the EAEU and EAEU firms to invest in SACM. The EAEU-SACM free trade agreement would also eliminate tariff and non-tariff barriers to trade on upwards of 95 percent of trade between the two countries. This includes inter alia, goods like:
-
Oil
-
Natural gas
-
Machinery
-
Vehicles
-
Medicaments
-
Medical instruments
-
Textiles
-
Garments
-
Foodstuffs
-
Iron and steel
-
Wood and wood products
-
Plastics
-
Ore
-
Manufactured goods
-
Cement
-
Coal
India hopes that this free trade agreement will prove beneficial for both trade blocs, opening up new markets for EAEU investment and for SACM exports.
Despite the pandemic and the associated economic downturn, the Eurasian Economic Union in 2021 demonstrated its importance during the crisis period and received a new vector of development.
According to the Eurasian Economic Commission, by the end of the outgoing year, the Union's GDP reached the level of 2019. An increase in the volume of mutual trade has been recorded. Exports from Armenia to the EAEU countries increased by 27.8%. Foreign trade turnover in January-September 2021 compared to the same period in 2020 increased by 12.8%. Exports to the Russian Federation increased by 27.4%, to Belarus - by 19.2%, to Kazakhstan - by 89.5%, and to Kyrgyzstan - by 48.0%.
At the beginning of the year, the strategy for the development of Eurasian integration until 2025 was published, approved by the heads of the EAEU states in December 2020. The document was conceptual in nature, nevertheless, a number of points contained revolutionary potential. If the strategy is implemented, then in 5 years the EAEU will go far beyond the economic union.
Today, the share of national currencies of the Union countries in their settlements with external counterparties is small, although the volume of dollar transactions is gradually decreasing. In settlements within the union, the situation is better: almost three quarters of mutual trade is provided in national currencies. However, the increased importance of national currencies is an important condition for the development of the region, according to the Eurasian Development Bank (EDB). The bank's analysts presented the report “Enhancing the role of the EAEU national currencies in international settlements”, in which they spoke about the prerequisites for the growth of their use and the measures that should be taken to ensure it.
The formation of a common financial market is one of the priorities of the strategic development of the EAEU until 2025, which will give market entities the opportunity to simplify and non-discriminatory access to the financial markets of other countries that are members of the Union.
At the end of April, the Eurasian Economic Commission submitted a draft Agreement on the EAEU Common Gas Market for approval. In accordance with the plans for the formation of common energy markets of the union, the Agreement on a common market for oil and oil products should be signed by 2023. However, given the sensitivity of the issue of energy prices, this task will not be easy.
In the future, the creation of a
... keep reading on reddit ➡