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Электронное приложение к журналу «Международная жизнь»
Author : T. Valovaya
Member of the Board (Minister) for Integration and Macroeconomics, Eurasian Economic Commission
(EEC)
FASTER REGIONAL ECONOMIC INTEGRATION
is a characteristic feature of today's global economy. The
successful creation of the European Union in the early
1990s encouraged both the development of already ex-
isting groupings and the emergence of new integration
arrangements in different parts of the world: from Latin
America and the Middle East to Southeast Asia. This
trend accelerated significantly during the global economic
crisis that began in 2008, when it became clear that regional integration provides additional oppor-
tunities for overcoming the crisis phenomena in the economy.
The EAEU ensures the free movement of goods, services, capital and labor, conducting a coordi-
nated, agreed or common policy in sectors of the economy specified by the EAEU Treaty. In the
first few years of its existence, the Eurasian economic integration project already demonstrated its
viability and effectiveness.
In the next few years, the new members of the Union - Armenia and Kyrgyzstan - are also expected
to feel the effects of integration, which is quite logical now that the EAEU common market has
been opened to these two countries.
The EAEU members are making every effort to ensure the three other freedoms as well: movement
of services, capital and labor.
By 2025 at the latest, it is planned to harmonize legislation in the financial sphere, whereupon a de-
cision will be made on the establishment of a supranational authority within the EAEU framework
with headquarters in Kazakhstan to regulate the financial market.
There are also enormous prospects for cooperation in the Eastern direction, where EAEU contacts
with ASEAN could be an engine of such cooperation.
The Eurasian Economic Union has all the prerequisites to become an important element of the
new economic architecture.
EAEU-ASEAN cooperation is also conditioned by the fact that the EAEU has already established
good partner relations with some individual ASEAN states.
EAEU cooperation with ASEAN, as well as with other integration groupings in Eurasia such as
the Shanghai Cooperation Organization (SCO), which includes a number of EAEU states, could
eventually provide the basis for a Trans-Eurasian continental partnership as a platform for discussing
a wide range of economic issues and for coordinating economic policies and actions, which is par-
ticularly important in the context of the Eurasian region's growing influence in the global economy.
The creation of such a continental partnership is even more relevant in the light of the creation of
the Trans-Pacific and Transatlantic partnerships.
Creating a New Global Economic Architecture: EAEU and
ASEAN